Minister for Economy, Aiyaz Sayed-Khaiyum says there is a need for countries to urgently stop funding climate-destroying activities and the most important way to mobilise finance for adaptation is to stop funding sources of climate risk and start funding solutions.
While participating in the first High-Level Ministerial Dialogue on Climate Finance at COP26 in Glasgow, Sayed-Khaiyum says the International Monetary Fund reports that $11 million a minute is spent on subsiding the fossil fuel industry.
He says there is a relentless torrent of finance pouring in the wrong direction.
The Minister has highlighted there is a need to deploy finance for climate adaptation programs now because it will save costs down the track as the impacts of climate change mount.
He says Fiji has proposed $750 billion per annum on aggregate beyond 2025 in order to unlock lasting solutions.
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