Fiji has called on the global community to transition from small-scale pilot programs to a more impactful approach in climate financing. During his address at the 6th High Level Ministerial Dialogue on Climate Finance at COP29 in Baku, Azerbaijan, Deputy Prime Minister and Finance Minister Professor Biman Prasad emphasized the necessity for consistent and quality financing that supports comprehensive national initiatives.
DPM Prasad criticized the prevailing climate finance model, which he believes favors minor projects and preferred partnerships while sidestepping national systems. He pointed out that the focus on workshops and studies often overshadows vital on-the-ground investments.
For Fiji and other Small Island Developing States, he argued, addressing the challenges posed by climate change requires more than fragmented efforts. He stressed, “This undermines our ability to protect Fijians and their communities.”
Looking ahead, DPM Prasad expressed hope for a notable outcome from the conference, specifically on the New Collective Quantifying Goal (NCQG), which he sees as essential for steering the global economy towards decarbonization and effective adaptation strategies. He reiterated the importance of aligning efforts with the 1.5°C temperature target set by the Paris Agreement, warning that both economic viability and scientific goals could be at risk without the right investments and enabling conditions.
This call to action reflects a growing recognition of the urgent need for sustainable financial solutions that address long-term climate challenges, particularly for vulnerable nations like Fiji. By enhancing investment strategies, the global community can work together to create resilient frameworks that not only mitigate climate impacts but also pave the way to a sustainable future.
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