Deputy Prime Minister and Minister for Finance Professor Biman Prasad emphasized that the upcoming Conference of the Parties (COP 29) will prioritize global financing concerns for Pacific Island Countries. During the Managing Climate and Disaster Risk for a Resilient Pacific – ‘Resilience Week’, he highlighted the importance of the region translating national and regional needs into clear positions to influence international negotiations.
Professor Prasad underscored the critical goal of limiting the global average temperature increase to below 1.5 degrees, stating that this objective is non-negotiable. He claimed the difference between a 1.5-degree rise and increases of two or three degrees poses a significant threat to survival, asserting that 1.5 Celsius serves as an essential “guardrail.” He warned that each tiny increase beyond this threshold leads to exponentially higher adaptation costs and, in many cases, renders adaptation unfeasible.
He described COP 29 as a vital opportunity to refine and implement a comprehensive strategy for climate and disaster risk management, urging the need to clearly define actions that will drive the regional climate mobility framework.
Professor Prasad insisted that Pacific Island Countries should not solely depend on global financial mechanisms and international climate change frameworks for solutions. He called for the development of innovative, homegrown solutions to effectively leverage international support.
He stated, “The Pacific cannot afford to be incoherent or inefficient in our efforts.” He stressed that cohesive strategies are crucial to making meaningful progress, as there is much at stake, which is why convening three interconnected workshops and sessions on these important issues is essential.