Fiji has called on the global community to shift its focus from small-scale pilot projects to transformational financing. This change is aimed at ensuring sustainable and predictable financing that can support comprehensive long-term programs at the national level.
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 highlighted the shortcomings of the current climate finance model, which he argued favors smaller projects and can hinder substantial national responses to climate challenges.
He pointed out that the existing approach often emphasizes partnerships with preferred vendors while neglecting national systems and prioritizing funding for workshops and studies over impactful, on-the-ground investments. Prasad stated, “For Fiji and Small Island Developing States, we cannot address the burden of climate change through small initiatives and fragmented projects. This undermines our ability to protect Fijians and their communities.”
Prasad expressed hope that the dialogue in Baku would lead to ambitious agreements on the New Collective Quantifying Goal (NCQG), which he believes is crucial for driving global economic transformation toward decarbonization and effective adaptation measures. He underscored that achieving the 1.5°C temperature target outlined in the Paris Agreement is contingent upon smart investments and enabling actions.
In summary, Fiji’s push for transformational financing poses a crucial step toward addressing the pressing challenges of climate change, particularly for vulnerable island nations. The focus on collaborative and comprehensive strategies could potentially enhance resilience and sustainability in the face of increasing climate threats, fostering a more hopeful future for communities affected by these changes.
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