Deputy Prime Minister and Finance Minister Prof Biman Prasad addressed the significant disparity between the financial requirements for climate adaptation and the actual funding available during a session on “Nature-based Financing for Climate Resilience” at the COP29 conference in Baku, Azerbaijan. He emphasized that the world is failing to adequately address current climate impacts, resulting in delays in both adaptation planning and implementation.
According to Mr. Prasad, recent discussions regarding small island developing states (SIDS) highlighted their urgent need for climate finance, which has been underscored by initiatives such as the Antigua and Barbuda Agenda for SIDS and the global stocktake of the Paris Agreement. He noted that while climate finance reached approximately $115.9 billion in 2022, only about $1.5 billion was accessible to SIDS from the $100 billion pledged in 2019.
Mr. Prasad referenced UNFCCC estimates indicating that developing countries will require nearly $6 trillion to implement their climate action plans by 2030. The situation is exacerbated for SIDS, as outlined in the Adaptation Gap Report 2024, which reveals that over 40% of these nations are facing unsustainable debt levels. He pointed out that SIDS have consistently paid significantly more in debt servicing than they have received in climate finance.
Highlighting the critical nature of COP29, he called for the establishment of the New Collective Quantified Goals (NCQG) for climate finance, urging nations to adopt ambitious targets and innovate financial mobilization methods. The NCQG is part of the 2015 Paris Agreement and aims to reinforce support for developing countries in their climate initiatives.
It is crucial for global efforts to be intensified to ensure that climate finance aligns with the needs of vulnerable nations. This could lead to a more equitable approach in addressing climate change, fostering resilience in SIDS, and ultimately contributing to sustainable global development.
In summary, the need for effective climate financing, particularly for small island developing states, remains urgent. Prof Biman Prasad’s call to action at COP29 is a hopeful reminder of the potential for unity and collaboration in tackling climate challenges. By generating innovative financing solutions and establishing clear goals, we can work towards a sustainable future that prioritizes the resilience of those most affected by climate change.
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