At the COP29 summit in Baku, Azerbaijan, Finance Minister Professor Biman Prasad emphasized the urgent need for global leaders to establish solid financial foundations to achieve climate goals and fulfill the commitments of the Paris Agreement. He underscored that without decisive action and funding, the world risks straying from its climate targets.
Highlighting the critical nature of maintaining global average temperature rise below 1.5 degrees Celsius, Prasad stated that this objective goes beyond mere policy rhetoric; it is a matter of survival. He urged countries to secure a New Collective Quantified Goal (NCQG) that is evidence-based and tailored to the unique needs of Small Island Developing States (SIDS) and Least Developed Countries (LDCs).
Prasad warned that if a financial framework is not established at COP29 for the 2025 Nationally Determined Contributions (NDCs), it would signal a significant setback in climate leadership during a time when optimism and reassurances are crucial. He pointed out the staggering figure of $1.3 trillion needed to successfully adhere to the 1.5-degree target, cautioning that failing to act will lead to devastating losses and a dangerous rise in global temperatures.
In summary, Professor Prasad’s message at COP29 is a clarion call for unwavering commitment to the Paris Agreement, emphasizing the need for informed, concrete financial strategies to safeguard the planet’s future. His appeal serves as a unifying reminder that collective action is essential in the face of climate change challenges.
This article serves as a hopeful reminder that through cooperation and commitment, there is still a pathway toward meeting climate objectives. If leaders act decisively and prioritize funding and policy alignment, the world can still work towards a sustainable future.
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