Fiji has called upon the international community to move beyond pilot projects and toward transformation financing, highlighting the necessity of consistent and high-quality financial support that facilitates the execution of comprehensive national programs.
During his remarks at the 6th High-Level Ministerial Dialogue on Climate Finance at COP29 in Baku, Azerbaijan, Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, pointed out that the current climate finance framework often promotes ineffective trends. He criticized the focus on small projects, reliance on preferred partners, neglect of national systems, and the prioritization of workshops and studies over tangible investments in communities.
Prasad emphasized that for Fiji and other Small Island Developing States, the challenges posed by climate change cannot be adequately addressed through fragmented initiatives and minor projects. He stated, “This undermines our ability to protect Fijians and their communities,” underscoring the necessity of more substantial actions.
He expressed his hope for a bold outcome from the discussions in Baku concerning the New Collective Quantifying Goal (NCQG), aimed at steering the global economy towards decarbonization and transformative adaptation efforts. Prasad stressed that achieving the 1.5°C temperature target and fulfilling the Paris Agreement’s objectives will remain unattainable, both economically and scientifically, unless appropriate investments are made.
This call to action highlights the urgent need for a unified approach to climate finance that supports larger-scale, impactful projects rather than smaller, scattered efforts. The conversation at COP29 could pave the way for substantial progress in climate adaptation and mitigation efforts, ultimately benefiting not just Fiji but Small Island Developing States worldwide.
In summary, Fiji’s appeal reflects a broader recognition that addressing climate change effectively requires a shift in financing strategies, reinforcing the idea that collaboration and commitment from the international community are crucial for long-term sustainability and resilience against climate change impacts.
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