Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, presented Fiji’s National Statement at the 2024 United Nations Climate Change Conference, better known as COP29, taking place in Baku, Azerbaijan. During his address, he highlighted the staggering $7 trillion spent each year on fossil fuel subsidies, contrasting this with the much-discussed climate finance goal of $1.3 trillion.

He emphasized that while $1.3 trillion is significant, it is insignificant when placed alongside the $7 trillion allocated to fossil fuels. Prasad urged global leaders to recognize the opportunities for win-win scenarios that benefit both the planet and its people, calling attention to the greater costs associated with continued reliance on fossil fuels compared to the potential benefits.

The Minister reinforced the importance of the Paris Agreement, arguing it not only aims to protect vulnerable populations but also to ensure productivity, security, and shared prosperity. He reminded leaders that their choices today would be scrutinized by future generations, emphasizing the moral responsibility of those in power.

Prasad reinforced the crucial target of keeping the increase in global average temperatures below 1.5 degrees Celsius, noting it should not merely be a slogan but a foundation of actionable policy. He stressed the need to elevate standards and ensure that national commitments to climate goals are based on concrete evidence, particularly for Small Island Developing States (SIDS) and Least Developed Countries (LDCs).

This compelling address not only underscores the urgent need for significant financial redirection towards climate action but also fosters hope for a more sustainable and equitable future. By rallying global leaders for collective action, there is an opportunity to create a healthier planet for future generations.

In summary, DPM Prasad’s statement at COP29 calls for a significant shift in financial priorities, emphasizing the need for cooperation and decisive action to meet climate goals, thereby securing a better future for all nations.