At COP29 in Baku, Azerbaijan, Finance Minister Professor Biman Prasad urged countries to reaffirm their commitment to the Paris Agreement, stressing the importance of establishing financial frameworks to support nationally determined contributions. He emphasized that achieving the 1.5-degree target requires $1.3 trillion, warning against potential catastrophic economic impacts of inaction.
During the recent COP29 summit held in Baku, Azerbaijan, Finance Minister Professor Biman Prasad emphasized the urgent need for nations to reaffirm their commitment to the Paris Agreement. He underscored that addressing climate change requires substantial financial commitments to support nationally determined contributions (NDCs) aligned with the target of limiting global warming to 1.5 degrees Celsius. Professor Prasad articulated the necessity to enhance collective goals that prioritize the specific needs of small island developing states (SIDS) and least developed countries (LDCs). He warned that without the foundational financial mechanisms in place, the pursuit of global climate objectives would be compromised.
The Finance Minister highlighted the dire need for approximately $1.3 trillion to achieve the necessary transitions toward a sustainable future. He cautioned that failing to commit to this financial target could result in catastrophic consequences, with potential damages amounting to tens of trillions in the coming decade, should the world continue on a path leading to a 3-degree temperature rise. Prasad’s remarks serve as a clarion call for cohesive action and enhanced leadership to tackle the escalating climate crisis, emphasizing that the time for decisive action is now.
The Paris Agreement, adopted in 2015, represents a global commitment to combat climate change and limit global warming. The agreement’s primary aim is to keep the average global temperature rise well below 2 degrees Celsius, while pursuing efforts to limit the temperature increase to 1.5 degrees Celsius. The effectiveness of this agreement hinges on the establishment of financial fundamentals that enable countries to meet their nationally determined contributions (NDCs). The COP29 summit in Baku provided a critical venue for leaders to assess their commitments and strategize on achieving the necessary financial frameworks to meet climate targets, especially for vulnerable regions like SIDS and LDCs, that face unique challenges in climate adaptation and mitigation.
In conclusion, Professor Biman Prasad’s address at COP29 highlights the critical interplay between financial resources and the successful implementation of climate goals established under the Paris Agreement. His call for increased economic commitments underscores the urgency of proactive measures to mitigate climate change, particularly for the most vulnerable communities. As nations gather to discuss these challenges, it is essential to recognize that the stability of the global climate hinges on immediate and effective action to secure financial backing for sustainable development and climate resilience.
Original Source: www.fijitimes.com.fj
