Deputy Prime Minister and Minister for Finance Professor Biman Prasad has emphasized that the upcoming Conference of the Parties (COP 29) will center on the global financing needs of Pacific Island Countries. During his address at the Managing Climate and Disaster Risk for a Resilient Pacific event, known as ‘Resilience Week,’ Professor Prasad highlighted the importance for Pacific nations to establish clear national and regional positions that can effectively influence international negotiations.
He stressed the critical necessity of limiting the global average temperature rise to below 1.5 degrees Celsius, asserting that this goal is non-negotiable. “The difference between 1.5 and two or three degrees is a matter of survival. This is our red line. 1.5 Celsius is our guardrail. Each micro degree rise above 1.5 exponentially increases the cost of adaptation, and for many, adaptation becomes unfeasible,” he stated.
Professor Prasad also noted that this COP provides an opportunity to enhance efforts in developing a comprehensive approach to climate and disaster risk management. He emphasized the need to clearly define actions that will support the implementation of the regional climate mobility framework.
Furthermore, he pointed out that Pacific Island Countries cannot solely depend on the global financing system and international climate change frameworks for solutions. He advocated for the creation and implementation of innovative, localized solutions to effectively direct and shape international support.
“The Pacific cannot afford to be disjointed or ineffective in our initiatives. Unified approaches give us a fighting chance. So much is at stake, which is why it is imperative to hold interconnected workshops and sessions on these vital matters,” he concluded.