Deputy Prime Minister and Finance Minister Professor Biman Prasad represented Fiji at the 2024 United Nations Climate Change Conference, commonly referred to as COP29, held in Baku, Azerbaijan. During his address, he highlighted the staggering $7 trillion spent on fossil fuel subsidies annually, which stands in stark contrast to the $1.3 trillion needed to achieve a new climate finance goal.
Professor Prasad emphasized that the funds for climate action are available; they are merely misallocated. He urged global leaders to recognize the significant social, economic, environmental, and political costs associated with continuing the fossil fuel reliance. He reiterated that the Paris Agreement’s purpose is not only to safeguard vulnerable populations but also to enhance productivity and ensure shared prosperity.
He warned that the commitments made at this conference will be scrutinized by future generations, indicating that current decisions have lasting impacts. He stressed the necessity of solidarity among nations to facilitate a smoother transition to sustainable practices. Furthermore, he insisted that the aim of keeping the global temperature rise below 1.5 degrees Celsius is serious and should not be considered merely a policy slogan.
To achieve these goals, he called for raising standards, aligning Nationally Determined Contributions (NDCs) with a 1.5-degree target by 2025, and securing a Nationally Determined Climate Goals (NCQG) that is evidence-based and attuned to the unique needs of Small Island Developing States (SIDS) and Least Developed Countries (LDCs).
In conclusion, Professor Prasad’s speech serves as a powerful call to action for global leaders to adjust their priorities and investments to effectively combat climate change. With coordinated efforts and collective responsibility, there remains hope for a united front in addressing environmental challenges for a more sustainable future.
This message of solidarity and accountability is particularly relevant as the effects of climate change continue to intensify worldwide. The commitment to aligning financial resources with climate goals is crucial in paving the way for a more resilient and equitable global community.
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