Fiji’s Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, presented the country’s National Statement at the 2024 United Nations Climate Change Conference, commonly referred to as COP29, held in Baku, Azerbaijan. During his address, he highlighted a critical discrepancy in global financial priorities, pointing out that a staggering $7 trillion is spent annually on fossil fuel subsidies, overshadowing the proposed climate finance goal of $1.3 trillion.
Professor Prasad emphasized that the substantial funds allocated to fossil fuel subsidies could be redirected towards more sustainable solutions. He expressed hope that world leaders would recognize the opportunity to make impactful changes that balance economic growth with environmental responsibility. He stated, “The reality of the situation is that 1.3 trillion pales in the face of the 7 trillion spent annually on fossil fuel subsidies—the money is there—it’s just in exactly the wrong place.”
Advocating for global solidarity and commitment, he urged for a focused collective effort to achieve the targets established by the Paris Agreement, which aims to protect the vulnerable while promoting overall economic security and prosperity. He remarked on the responsibility of current leaders, emphasizing that their decisions would shape the future for generations to come. “All of our names and flags are on the record,” he warned. “This record will not be forgotten—it will instead be analyzed word for word by future generations whose reality you are determining and shaping today.”
Prasad reiterated the necessity of maintaining the global temperature rise below 1.5 degrees Celsius, stating that this is more than just a slogan—it requires substantial and actionable commitments. He called for “locking in the basis for Paris and 1.5-degree aligned 2025 NDCs” while ensuring an evidence-based climate finance goal that addresses the unique needs of Small Island Developing States (SIDS) and Least Developed Countries (LDCs).
In conclusion, Professor Prasad’s message is one of urgency and hope. By reallocating financial resources away from fossil fuels and committing to sustainable practices, the global community has the potential to create a cleaner, safer, and more equitable world for future generations. It is a call to action that emphasizes the importance of immediate change for the long-term benefit of all.
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