Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, engaged in a significant panel discussion at the NEXT Milan Forum in Italy alongside India’s Finance Minister, Nirmala Sitharaman. The focus of the panel was “Balancing Economic and Climate Resilience,” addressing critical issues affecting Small Island Developing States (SIDS).
Prasad delivered an impactful message regarding the direct consequences of climate change in the Pacific, where he noted that a single Category 5 cyclone can devastate up to 50% of the GDP of certain smaller islands, underscoring the immediate need for comprehensive climate finance solutions. He stressed the importance of a differentiated approach to climate finance tailored specifically for Pacific SIDS, advocating for the decolonization of these financial models to better serve the unique circumstances of these nations.
During the forum, he expressed support for the establishment of the New Collective Quantified Goal and the Loss and Damage Fund, yet emphasized that historical contributors to climate change bear the responsibility to significantly increase their commitments and ease access to funding.
The NEXT Milan Forum was not just about discussions; it also gathered over 1,000 young professionals from over 60 countries to exchange insights and develop collaborative strategies for pressing global challenges, reflecting a shared commitment to innovative solutions.
This engagement by leaders like Prasad highlights an ongoing recognition of the gravity of climate impacts and the necessity for a united international effort to secure the future of vulnerable communities in the Pacific. The discussions signal hope that with focused action and increased cooperation, tailored financing frameworks can emerge, ultimately bolstering resilience against climate-induced disruptions.
Prasad’s insistence on urgent reforms and enhanced international collaboration presents a beacon of hope for Pacific nations as they navigate the complex landscape of climate challenges and strive for sustainable development.
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