Deputy Prime Minister and Finance Minister Professor Biman Prasad emphasized that the upcoming Conference of the Parties (COP 29) will prioritize the global financing aspects for Pacific Island Nations. During the event titled “Managing Climate and Disaster Risk for a Resilient Pacific – Resilience Week,” he stated that the Pacific region must translate its national and regional needs into focused positions to effectively impact international negotiations.
Professor Prasad reiterated the necessity of keeping the global temperature rise below 1.5 degrees Celsius, describing this goal as non-negotiable. He highlighted that the difference between 1.5 degrees and higher levels poses a significant risk to survival, establishing it as a critical boundary. He explained that each incremental increase above 1.5 degrees dramatically escalates adaptation costs and, at times, renders adaptation unfeasible.
He pointed out that this conference is an opportunity to enhance the understanding and execution of a comprehensive strategy for climate and disaster risk management. There is a need to identify actions that will guide the implementation of a regional climate mobility framework.
The Deputy Prime Minister noted that Pacific Island Countries must not solely depend on international financing structures and climate change agreements for solutions. He called for the development of innovative, homegrown strategies to better direct and utilize international support.
Professor Prasad stressed the importance of coherence and efficiency in the region’s efforts, advocating for collaborative approaches as critical to securing success in the face of urgent challenges.