At COP29 in Baku, Azerbaijan, Finance Minister Professor Biman Prasad called for nations to strengthen their commitments to the Paris Agreement, highlighting the importance of establishing adequate financial frameworks for achieving the 1.5-degree Celsius target. He emphasized the need for $1.3 trillion to effectively combat climate change and warned that failure to do so could result in significant losses and an unstable world caused by climate inaction.
At the COP29 summit in Baku, Azerbaijan, Finance Minister Professor Biman Prasad emphasized that financial frameworks must be established to meet the commitments outlined in the Paris Agreement. He urged participating nations to enhance their contributions to ensure that national determined contributions (NDCs) are aligned with the 1.5-degree Celsius target. Professor Prasad stated, “We need to raise the bar — lock in the basis for Paris and 1.5-degree aligned 2025 NDCs.”
He underscored the urgency of maintaining global temperature rise below this critical threshold, describing it as a fundamental issue of survival rather than a negotiable policy. He remarked that achieving this target is essential for assessing the collective commitment of nations toward climate action. Without the necessary financial strategies in place, he warned that the international community risks losing sight of climate objectives, which would have dire consequences in the future.
Professor Prasad also highlighted the extraordinary financing needed to combat climate change effectively. He estimated the requirement at $1.3 trillion to achieve equitable climate goals, cautioning that failing to secure adequate funding could result in losses in the trillions and an unstable world characterized by a temperature increase of 3 degrees Celsius. The urgency for action and reaffirmation of committed endeavors was echoed throughout his address, emphasizing the dire need for decisive leadership in this critical juncture of climate diplomacy.
The Paris Agreement is a pivotal international treaty that seeks to combat climate change by limiting global temperature rise to well below 2 degrees Celsius, aiming for 1.5 degrees Celsius. The agreement mandates countries to outline their NDCs, which reflect their commitments to reducing greenhouse gas emissions. The importance of financing these initiatives is paramount, especially for vulnerable nations such as small island developing states (SIDS) and least developed countries (LDCs), as they are disproportionately affected by climate change. The COP29 summit serves as a critical platform for nations to reaffirm their commitments and ensure that the necessary financial support is available to realize these goals effectively.
In conclusion, Professor Biman Prasad’s remarks at COP29 underscore the urgent need for countries to reaffirm their commitments under the Paris Agreement. The establishment of financial fundamentals is essential for enabling nationally determined contributions that align with the 1.5-degree Celsius target. Failure to secure the necessary funding can lead to catastrophic consequences for the environment and global populations. Thus, it is imperative that nations collaborate to ensure comprehensive strategies are put in place to meet the challenges posed by climate change.
Original Source: www.fijitimes.com.fj
