Fiji’s Bold Climate Call: Rethinking $7 Trillion in Fossil Fuel Subsidies

Fiji’s Deputy Prime Minister and Finance Minister, Professor Biman Prasad, presented the country’s National Statement at the 2024 United Nations Climate Change Conference, also known as COP29, taking place in Baku, Azerbaijan.

In his address, he highlighted the staggering $7 trillion allocated annually to fossil fuel subsidies, juxtaposing it with the mere $1.3 trillion needed to achieve new climate finance goals. He emphasized the disparity, stating that the existing funds are misallocated and urged leaders to recognize the urgent need for change by transitioning away from fossil fuels.

Professor Prasad stressed that the Paris Agreement is critical not only for protecting the vulnerable but also for fostering productivity, security, and shared prosperity. He pointed out that future generations will scrutinize the decisions made today, highlighting the importance of accountability in their actions regarding climate policies.

He called for solidarity in the climate transition, emphasizing that it would be significantly more challenging without unified efforts. He reiterated the necessity to maintain the global average temperature increase below 1.5 degrees Celsius, declaring it a vital target rather than just a rhetorical policy goal. He urged nations to elevate their commitments and ensure evidence-based approaches that cater to the unique needs of Small Island Developing States (SIDS) and Least Developed Countries (LDCs).

This powerful message from Fiji calls for a reevaluation of how resources are allocated in the fight against climate change, fostering hope for a more sustainable and equitable future.

Summary: Deputy Prime Minister Biman Prasad of Fiji addressed COP29, highlighting the $7 trillion spent on fossil fuel subsidies versus the $1.3 trillion needed for climate finance. He emphasized the importance of the Paris Agreement, the need for global solidarity, and the critical target of limiting temperature rise to 1.5 degrees Celsius, calling for a realignment of financial resources for a sustainable future.