Deputy Prime Minister and Minister for Finance Professor Biman Prasad emphasized that the upcoming Conference of the Parties (COP 29) will prioritize global financing 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 regional and national needs into clear positions to effectively influence international negotiations.
He underscored the necessity of maintaining the global average temperature rise below 1.5 degrees Celsius, stating that this benchmark 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. For each micro degree temperature increase above 1.5, the cost of adaptation escalates significantly, making adaptation unfeasible in many cases,” he remarked.
Prof Prasad also pointed out that this moment presents a chance to advance comprehensive strategies for climate and disaster risk management, urging the need to define actions that will support the regional climate mobility framework.
He further noted that Pacific Island Countries cannot solely depend on global financing structures and international climate change initiatives for solutions. Instead, he called for the development of innovative, homegrown solutions to effectively guide and shape international support.
“The Pacific cannot afford to be incoherent or inefficient in our efforts. With so much at stake, coordinated approaches are essential, which is why we need to hold interlinked workshops and sessions on these critical issues,” he added.