Fiji’s Deputy Prime Minister and Finance Minister, Professor Biman Prasad, addressed the 2024 United Nations Climate Change Conference, commonly referred to as COP29, held in Baku, Azerbaijan. During his speech, he highlighted the staggering $7 trillion allocated annually to fossil fuel subsidies at a time when global discussions are focused on establishing new climate finance goals.
Professor Prasad underscored that the $1.3 trillion needed for effective climate action and adaptation appears minuscule compared to the vast sums invested in fossil fuels. He urged world leaders to recognize the opportunity to redirect these funds, emphasizing that supporting fossil fuels incurs significantly higher social, economic, environmental, and political costs than the benefits they provide.
He noted the importance of the Paris Agreement, stating that it is essential not only for protecting vulnerable communities but also for ensuring economic productivity, security, and collective prosperity. Professor Prasad reminded delegates that their commitments would be scrutinized by future generations who will bear the consequences of today’s decisions.
He stressed that maintaining the global temperature rise below 1.5 degrees Celsius is a critical and non-negotiable objective, urging nations to strengthen their climate commitments and create Nationally Determined Contributions (NDCs) aligned with this target.
As the world grapples with the climate crisis, Professor Prasad’s remarks serve as a rallying cry for collective action and solidarity among nations, illustrating the critical need for responsible and strategic investment in climate solutions that benefit both people and the planet.
This article serves as a reminder that climate change requires urgent attention and decisive action. With cooperation and commitment from leaders worldwide, it is possible to shift towards a sustainable future that benefits all.
In summary, Fiji’s Deputy Prime Minister highlighted the urgent need to reallocate fossil fuel subsidies towards climate solutions, advocating for a unified global approach to limit temperature rise to 1.5 degrees Celsius while considering the specific needs of vulnerable nations.
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