At COP29, Finance Minister Professor Biman Prasad urged countries to commit to the Paris Agreement and establish financial underpinnings necessary for achieving their NDCs. He stressed that keeping global temperature rise below 1.5 degrees Celsius is critical for survival and society must invest $1.3 trillion to avoid catastrophic consequences.
During the recent COP29 summit in Baku, Azerbaijan, Finance Minister Professor Biman Prasad emphasized the urgent need for global leaders to adhere to the Paris Agreement to achieve climate goals. He argued for the necessity of establishing financial foundations that support nationally determined contributions (NDCs) as outlined in the agreement. He underscored that maintaining a global average temperature rise below 1.5 degrees Celsius must be regarded as a fundamental scientific standard crucial to our collective survival, rather than a merely aspirational target.
Prasad highlighted the importance of creating a new collective quantified goal during the summit, which he proposed would serve as a measure of genuine commitment to this crucial target. He cautioned that if countries fail to implement the necessary financial mechanisms to support their 2025 NDCs, it will signal a significant regression in the global climate initiative. The Minister expressed concern that public sentiment could shift negatively towards governmental leadership during these tumultuous times unless decisive actions are taken.
He stated that the global community requires an investment of $1.3 trillion to fulfill the 1.5-degree objective, warning that the absence of this financial commitment could result in devastating losses and damages in the decades to come, potentially leading to a perilous situation of a 3-degree temperature rise.
The Paris Agreement, adopted in 2015, represents a landmark international accord dedicated to combating climate change by limiting global temperature rise. Under the agreement, countries must submit nationally determined contributions (NDCs), which outline their climate ambitions and emissions reduction strategies. The COP29 summit in Baku serves as a pivotal platform where nations gather to assess progress and recommit to the objectives of the Paris Agreement, particularly regarding how they plan to finance their climate-related initiatives. Small Island Development States (SIDS) and Least Developed Countries (LDCs) are often at higher risk from climate change, necessitating specific attention to their unique needs during discussions of global climate finance.
In conclusion, the imperative for global leaders to recommit to the Paris Agreement was loud and clear at COP29. Finance Minister Professor Biman Prasad’s call for a substantial financial commitment underlined the importance of collective action in sustaining the environmental objectives vital for maintaining a habitable planet. The successful implementation of tailored financial strategies is not merely recommended but essential to avert dire economic and environmental consequences that could arise from climate negligence.
Original Source: www.fijitimes.com.fj
