Deputy Prime Minister and Minister for Finance Professor Biman Prasad presented Fiji’s National Statement at the 2024 United Nations Climate Change Conference (COP29) in Baku, Azerbaijan. He highlighted the staggering $7 trillion spent each year on fossil fuel subsidies, contrasting it with the need for a dedicated climate finance goal of $1.3 trillion.
Prasad emphasized that the financial resources are available; however, they are misallocated to fossil fuels instead of supporting climate initiatives. He urged global leaders to recognize the benefits of transitioning away from fossil fuels and the overwhelming costs associated with continuing their use. He pointed out that the Paris Agreement is crucial not only for protecting vulnerable populations but also for ensuring economic security and shared prosperity.
He stressed the importance of a collective global effort, stating, “Without solidarity, a much more difficult transition is required.” Keeping the global temperature rise below 1.5 degrees Celsius is imperative, and Prasad called for stringent commitment to concrete climate commitments and strategies, particularly for Small Island Developing States (SIDS) and Least Developed Countries (LDCs).
This speech serves as a powerful reminder of the critical choices facing world leaders today. As we navigate these pressing environmental challenges, there remains hope that with cooperation and strategic investment, a sustainable and equitable future is within reach. The time for decisive action is now, as our responses will shape the legacy we leave for future generations.
In summary, Professor Prasad’s address at COP29 highlights the urgent need for a shift in financial priorities to combat climate change effectively while reinforcing the critical nature of global solidarity in these efforts.
Leave a comment