At the COP29 summit held in Baku, Azerbaijan, Finance Minister Professor Biman Prasad emphasized the urgent need for global leaders to implement robust financial frameworks to achieve climate targets outlined in the Paris Agreement. He underscored that without a commitment to these financial fundamentals, countries risk losing sight of their climate goals.
Prasad articulated the significance of striving for the target of keeping global temperature rise below 1.5 degrees Celsius, stating it is not just a policy choice but a scientific imperative for survival. He called for the establishment of a new collective quantified goal (NCQG) that caters to the unique needs of small island developing states (SIDS) and least developed countries (LDCs) while addressing the pressing requirements for ambitious nationally determined contributions (NDCs) by 2025.
Highlighting the necessity of a financial commitment, he estimated that an investment of $1.3 trillion is essential to meet the 1.5-degree target. Failing to secure these funds could result in a staggering cost of tens of trillions due to climate-related damages over the next decade, leading to a risky scenario of a 3-degree warmer world.
This call to action resonates with global concerns for climate resilience, urging nations to prioritize funding initiatives that safeguard our planet’s future. It raises hope that, with collective effort and commitment, countries can unite under the shared goal of sustainability and environmental protection.
Summary: At COP29, Finance Minister Biman Prasad urged leaders to secure financial commitments to achieve climate goals set by the Paris Agreement, stressing the importance of keeping global temperature rise below 1.5 degrees Celsius. He highlighted the need for a $1.3 trillion investment to prevent severe climate-related costs in the future.
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