Fiji has called on the international community to move beyond pilot projects and adopt transformational financing that ensures consistent and high-quality funding for sustainable national initiatives. This appeal was made by Professor Biman Prasad, the Deputy Prime Minister and Minister for Finance of Fiji, during his address at the 6th High Level Ministerial Dialogue on Climate Finance at COP29 in Baku, Azerbaijan.
Prasad criticized the current climate finance framework, which tends to focus on smaller projects and often favors preferred partners, neglecting national systems. He pointed out that this approach frequently prioritizes funding for workshops and studies rather than essential investments that have a tangible impact on the ground.
Emphasizing the dire situation for Fiji and other Small Island Developing States, he stated that fragmented efforts and small initiatives are insufficient to combat the significant challenges posed by climate change. “This undermines our ability to protect Fijians and their communities,” he asserted.
Prasad expressed his hope that the outcomes from the conference would result in an ambitious decision regarding the New Collective Quantifying Goal (NCQG), which would be pivotal for driving the global economy towards decarbonization and transformative adaptation.
He underscored the urgent need for appropriate investment strategies, noting that achieving the 1.5°C temperature goal as outlined in the Paris Agreement is not feasible without substantial financial commitment and enabling measures.
In summary, Fiji is advocating for a shift in the approach to climate finance, urging for robust investment strategies that can genuinely support transformational change, especially for vulnerable nations facing the brunt of climate impacts.
This call for change reflects a growing recognition of the necessity for adaptable and long-term climate strategies, fostering hope that collective global action will soon shift towards more meaningful financial commitments.
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