Deputy Prime Minister and Finance Minister Professor Biman Prasad presented Fiji’s National Statement at the 2024 United Nations Climate Change Conference, also known as COP29, held in Baku, Azerbaijan. He emphasized the significant discrepancy between the annual fossil fuel subsidies of $7 trillion and the $1.3 trillion target needed to achieve climate goals.
Prasad highlighted the urgency of reallocating these funds, stating, “The reality of the situation is that $1.3 trillion pales in the face of the $7 trillion spent annually on fossil fuel subsidies—the money is there; it’s just in exactly the wrong place.” He expressed hopes that leaders would recognize the advantages of transitioning from fossil fuels, considering the overwhelming social, economic, environmental, and political costs associated with their continued use.
He reinforced the importance of the Paris Agreement in safeguarding the most vulnerable populations and promoting security, productivity, and shared prosperity. “All of our names and flags are on the record, and this record will not be forgotten,” Prasad stated, underscoring that current decisions will be scrutinized by future generations.
Prasad called for solidarity among nations to ensure a smoother transition towards sustainable practices and insisted that the goal of limiting global temperature rise to below 1.5 degrees Celsius is not just a slogan. “Let me be clear—we need to raise the bar—lock in the basis for Paris and 1.5-degree aligned 2025 NDCs and secure an NCQG which is evidence-based and recognizes the specific needs of SIDS and LDCs,” he urged.
His remarks at COP29 serve as a potent reminder of the potential for positive change through collective action and responsible financial decisions geared toward environmental sustainability.
This article emphasizes the need for a global commitment to combat climate change, highlighting that with the right allocation of resources, there is hope for a sustainable future.
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