Deputy Prime Minister and Minister for Finance Professor Biman Prasad emphasizes that the upcoming Conference of the Parties (COP 29) will center on the global financing aspect for Pacific Island Countries. During the “Managing Climate and Disaster Risk for a Resilient Pacific – Resilience Week” event, Prof Prasad highlighted the importance of translating national and regional needs into clear positions that can influence international negotiations.
He stressed the critical importance of maintaining the global average temperature rise below 1.5 degrees Celsius, asserting that this goal is non-negotiable. “The distinction between an increase of 1.5 degrees and two or three degrees is a matter of survival. This is our line in the sand. 1.5 degrees Celsius serves as our safeguard. For every fraction of a degree above this threshold, the cost of adaptation escalates dramatically, and in many instances, adaptation becomes unfeasible,” he stated.
Prof Prasad also pointed out that this is a pivotal moment to enhance the understanding and implementation of a comprehensive strategy for managing climate and disaster risks. He called for clear actions to shape the delivery of the regional climate mobility framework.
He warned that Pacific Island Countries cannot solely depend on global financing structures and the international climate change framework for solutions. Instead, he urged the need to innovate and develop homegrown solutions while directing and shaping the international support they receive.
“The Pacific cannot afford to be disorganized or ineffective in our efforts. By employing coordinated approaches, we stand a better chance. There is so much at stake, which is why it is essential to hold workshops and sessions on these critical issues,” he concluded.