Fiji is calling on the global community to transition from pilot projects to transformational financing, stressing the importance of stable and high-quality funding for effective long-term national programs. During the 6th High Level Ministerial Dialogue on Climate Finance at COP29 in Baku, Azerbaijan, Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, addressed the limitations of the current climate finance approach, which often emphasizes small projects and specific partners while neglecting comprehensive national systems and substantial investments.
DPM Prasad emphasized that small-scale initiatives and fragmented projects are insufficient for Fiji and other Small Island Developing States to tackle the pressing challenges posed by climate change. He expressed the need for a decisive outcome from the discussions at Baku, specifically regarding the New Collective Quantifying Goal (NCQG) to drive global efforts toward decarbonization and meaningful adaptation to climate challenges.
He further pointed out that achieving the 1.5°C temperature threshold, as outlined in the Paris Agreement, hinges on the right investment strategies and enabling environments.
This highlights a significant and urgent call for a strategy that goes beyond temporary fixes, laying the groundwork for enduring solutions to climate challenges. The hope remains that a unified global response will emerge from this dialogue, fostering sustainable development and resilience for vulnerable nations.
In summary, Fiji is advocating for a fundamental change in climate financing strategies, emphasizing the need for robust, long-term investments to effectively combat climate change and protect communities.
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