Fiji has called on the global community to transition from pilot projects to transformation financing, stressing the necessity for reliable and high-quality funding that can support comprehensive long-term national programs. This appeal was made by Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, during the 6th High-Level Ministerial Dialogue on Climate Finance at COP29 held in Baku, Azerbaijan.
In his address, DPM Prasad criticized the current climate finance model, which he argued tends to foster ineffective practices. He pointed out that the focus is often placed on smaller projects, reliance on select partners, neglect of national frameworks, and prioritization of workshops and studies over substantial on-the-ground investments.
Prasad emphasized the struggles faced by Fiji and other Small Island Developing States in combatting climate change through minor initiatives and fragmented efforts, stating that such an approach threatens their capability to safeguard their communities and environments.
He expressed hope that the conference in Baku would result in a bold decision regarding the New Collective Quantifying Goal (NCQG), aimed at stimulating the global economy towards decarbonization and transformative adaptation. Furthermore, he highlighted that achieving the 1.5°C temperature target outlined in the Paris Agreement depends heavily on strategic and sufficient investments.
This call for a shift in approach to climate finance reflects a growing awareness of the urgent need for more substantive action to combat climate change and support vulnerable nations. As countries move towards more integrated and impactful strategies, there remains hope for meaningful advancements in both funding and implementation that can lead to significant improvements in addressing the climate crisis.
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