Fiji is calling on the international community to move beyond pilot projects and shift toward transformational financing that ensures predictable and high-quality funding for sustainable national programs. Professor Biman Prasad, Fiji’s Deputy Prime Minister and Minister for Finance, made this statement during the 6th High Level Ministerial Dialogue on Climate Finance at COP29 in Baku, Azerbaijan.
Prasad criticized the current climate finance model, which he believes is focused on small-scale initiatives, favored partnerships, and limited funding for workshops and studies rather than direct investment in impactful, on-the-ground projects. He emphasized that for Fiji and other Small Island Developing States (SIDS), addressing the challenges posed by climate change requires more than just fragmented projects; it necessitates comprehensive initiatives that effectively protect their communities.
He expressed hope that the discussions at COP29 would lead to significant commitments toward the New Collective Quantifying Goal (NCQG), which aims to drive the global economy towards decarbonization and transformational adaptation in response to climate change. Prasad cautioned that achieving the targets outlined in the Paris Agreement and the critical 1.5°C temperature goal will not be feasible without making the right investments and providing the necessary support.
A hopeful perspective from this dialogue is the potential for increased collaboration and innovative approaches to climate financing that could emerge from broader discussions among nations. This could pave the way for more robust climate action that effectively addresses the challenges faced by vulnerable regions like Fiji.
Summary: Fiji is advocating for a shift from small-scale climate projects to transformational financing to effectively combat climate change, emphasizing the need for comprehensive funding to protect its communities.
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