Deputy Prime Minister and Finance Minister Professor Biman Prasad has stated that Pacific Island Countries will prioritize global financing at the upcoming Conference of the Parties (COP 29). Speaking during the “Resilience Week” event focused on managing climate and disaster risk, Prof Prasad emphasized the importance of translating national and regional needs into unified positions that can effectively influence international negotiations.
He highlighted the necessity of keeping the global average temperature rise below 1.5 degrees Celsius, underscoring that this goal 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. Each micro-degree increase above 1.5 escalates adaptation costs, making it impossible in many cases,” he explained.
Prof Prasad called this conference an opportunity to refine and implement a comprehensive approach to climate and disaster risk management, which is crucial for shaping the regional climate mobility framework.
He pointed out that Pacific Island Countries cannot solely depend on global financial systems and international climate initiatives for solutions. Instead, he urged the need for innovative, homegrown solutions that can guide international support.
“The Pacific cannot afford to be incoherent or inefficient in our efforts. A unified approach gives us the best chance for success, as much is at stake,” he added, emphasizing the importance of coordinated workshops and discussions on these critical issues.