At the COP29 summit, Finance Minister Professor Biman Prasad urged countries to commit to the Paris Agreement, warning that without financial fundamentals, global climate goals risk becoming unattainable. He called for a significant investment of $1.3 trillion to meet NDCs aligned with limiting temperature rise to 1.5 degrees Celsius, highlighting the severe consequences of inaction.
At COP29 in Baku, Azerbaijan, Finance Minister Professor Biman Prasad emphasized the urgent necessity for nations to reaffirm their commitment to the Paris Agreement and to establish essential financial frameworks for the transition toward sustainable climate actions. He stressed the importance of achieving nationally determined contributions (NDCs) aligned with the 1.5-degree Celsius cap on global warming, underscoring that this commitment is vital for survival and the foundation of international cooperative efforts on climate change.
Professor Prasad voiced concern that if substantial financial mechanisms are not instituted during COP29, the international community risks losing sight of its climate objectives after years of deliberation. He remarked that the imperative of securing $1.3 trillion for climate initiatives is clear, warning against the dire consequences of failing to act, which could lead to costs in the form of loss and damages amounting to tens of trillions in an unstable climate scenario.
The COP29 summit serves as a pivotal platform for global leaders to assess and fortify their commitments to combat climate change. The Paris Agreement aims to limit global temperature rise to below 1.5 degrees Celsius, a critical threshold to mitigate the most hazardous impacts of climate change. Finance Minister Professor Prasad highlights the consensus among experts about the necessity of financial investments to implement nationally determined contributions effectively, particularly for small island developing states (SIDS) and least developed countries (LDCs). The recent dialogue reflects an urgent call for action amidst growing climate challenges and political uncertainties.
In summation, Professor Biman Prasad’s address at COP29 underscores the pressing need for financial frameworks that will support the world’s transition towards sustainable climate policies, guided by the principles of the Paris Agreement. His call for a collective quantified goal stresses that without immediate financial commitments, nations may falter in achieving critical climate targets. The financing of $1.3 trillion is essential to prevent catastrophic climate outcomes, emphasizing the necessity for renewed leadership and a commitment to global climate governance.
Original Source: www.fijitimes.com.fj
