Deputy Prime Minister and Minister for Finance Professor Biman Prasad has indicated that at the upcoming Conference of the Parties (COP 29), the primary concern for Pacific Island Countries will be the global financing aspect.
At the ‘Resilience Week’ event focused on Managing Climate and Disaster Risk for a Resilient Pacific, Prof Prasad emphasized the importance of turning national and regional needs into clear positions that can effectively influence international negotiations.
He reiterated the necessity of keeping the rise in global average temperatures below 1.5 degrees Celsius, describing it as essential and 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 costs of adaptation increase exponentially, and in many situations, adaptation becomes unattainable,” he stated.
Prof Prasad also highlighted the opportunity to improve the understanding and execution of a comprehensive strategy for climate and disaster risk management, stressing the need for defined actions that will support the regional climate mobility framework.
He urged that Pacific Island Countries should not solely depend on the global financing structure and international climate change regimes for solutions. Instead, he called for the identification and development of homegrown solutions, encouraging the region to guide how international support is leveraged.
“The Pacific cannot afford to be disjointed or ineffective in our initiatives. By collaborating through integrated approaches, we enhance our chances of success. There is a lot at stake, which is why the convening of three interrelated workshops and sessions on these critical issues is essential,” he concluded.