Deputy Prime Minister and Finance Minister Professor Biman Prasad recently presented Fiji’s National Statement at the 2024 United Nations Climate Change Conference, also known as COP29, held in Baku, Azerbaijan.
In his address, he highlighted the staggering $7 trillion spent annually on fossil fuel subsidies, which is a stark contrast to the proposed climate finance goal of $1.3 trillion. Prasad emphasized the urgent need to redirect these resources, stating, “The money is there – it’s just in exactly the wrong place.”
He expressed hope that world leaders would recognize the importance of making informed decisions for the benefit of society and the environment, arguing that the cumulative costs of continuing to invest in fossil fuels significantly outweigh any immediate benefits.
Referencing the Paris Agreement, Professor Prasad asserted its crucial role in safeguarding the most vulnerable populations as well as maintaining global productivity and security. He pointed out that history will judge the decisions made regarding climate action, urging leaders to act conscientiously for future generations.
Professor Prasad further stressed the importance of solidarity among nations, arguing that it is essential for facilitating a smoother transition to sustainable practices. He firmly stated that achieving the goal of keeping the global temperature rise below 1.5 degrees Celsius should not merely be a slogan, but a definitive target. “Let me be clear – we need to raise the bar,” he said, urging for commitments that align with the objectives established in the Paris Agreement.
This statement reminds us of the shared responsibility our global leaders have in combating climate change and the necessity for urgent investment strategies that will benefit future generations.
In summary, Professor Prasad’s address at COP29 serves as a poignant call to action for world leaders to rethink financing priorities and collaborate on effective climate solutions, emphasizing that they have the power to impact the future significantly by their choices today. By redirecting resources and embracing unity, there is a strong possibility for achieving critical climate goals.
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