Deputy Prime Minister and Minister for Finance Professor Biman Prasad emphasized that the upcoming Conference of the Parties (COP 29) will prioritize global financing issues for Pacific Island Countries. During his remarks at the “Managing Climate and Disaster Risk for a Resilient Pacific – Resilience Week” event, Prof Prasad underscored the importance of translating national and regional needs into clear stances that can impact international negotiations.
He affirmed the commitment to maintain the global average temperature increase below 1.5 degrees, stating that this threshold is 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. Each slight increase above this limit dramatically raises the costs of adaptation, and in many instances, adaptation becomes unfeasible,” he explained.
Prof Prasad highlighted the opportunity to enhance the understanding and implementation of a holistic approach to climate and disaster risk management, stressing the need to define actions that will guide the regional climate mobility framework.
He made it clear that Pacific Island Countries should not solely depend on global financial systems and international climate agreements for solutions. Instead, he advocated for the development of innovative, homegrown approaches and emphasized the importance of directing and molding the international support received.
“The Pacific cannot afford to be inconsistent or ineffective in our initiatives. A collaborative approach is crucial for us to have a viable chance of success. Much is at stake, which is why it is necessary to hold three interconnected workshops and sessions focused on these vital issues,” he concluded.