Fiji’s Deputy Prime Minister and Minister of Finance, Professor Biman Prasad, emphasized that the country requires finance exceeding ten times its current levels to effectively address the challenges posed by the climate crisis. Speaking during the announcement of Fiji’s COP29 Delegation in Suva, he noted that a 55-member team would soon head to Baku, Azerbaijan, for the upcoming COP29 meeting, where they will engage in two weeks of challenging negotiations.
Professor Prasad expressed that the objective is to come away from the negotiations with the nation’s priorities preserved, a strengthened hope for the future, and an enhanced capacity to confront local challenges. However, he acknowledged the significant obstacles ahead.
He pointed out that different parties have spent nearly two years working on a framework to agree on a new collective goal for climate finance, which is essential for developing countries to manage the impacts of climate change, especially during a time of rising living costs and geopolitical tensions. Despite these discussions, there remains considerable disagreement among parties regarding the approach, scope, scale, and inclusiveness of this collective goal.
Prasad argued that establishing a minimum floor for allocations to small island developing states (SIDS) is not merely a request but an essential requirement for providing urgent assistance to the most vulnerable communities. He reiterated his stance, stating that the financial support needed by Fiji and the broader Pacific region must be over ten times what is currently available.
He acknowledged the difficulties in ensuring that Fiji and the Pacific’s needs are understood and recognized on the global stage. While some groups advocate for these needs, others challenge the fundamental basis of their special circumstances. The complexities are further heightened by ongoing debates regarding who contributes to and who benefits from climate finance, with traditional roles being fiercely contested.