Keeping global average temperature rise below 1.5 degree Celsius is not a loose policy slogan – Prof. Prasad

If, here at COP29 we do not put in place the financial fundamentals for the transition that our 2025 national climate action plans must enable, the world will know unequivocally that despite years of effort we have lost sight of the horizon.

That is the national statement from the Head of Fiji’s COP29 delegation and Deputy Prime Minister, Professor Biman Prasad as he says the public will know that the current political storms and uncertain waters have beaten back our leadership at a time where reassurance and hope is needed more than ever.

Professor Prasad says the Paris Agreement stands not only to protect the most vulnerable but also to protect productivity, security, and shared prosperity.

He says without it and without solidarity, a much more difficult transition is required.

The Deputy Prime Minister says keeping the global average temperature rise below 1.5 degree Celsius is not a loose policy slogan.

He says it is not open to subjective interpretation, it is the science of survival, and it is the core of the multilateral effort they represent at COP29.

Professor Prasad says the new collective quantified goal they must set in Baku is a proxy for understanding whether the requisite commitment to achieving this target exists.

He adds the world needs 1.3 trillion to deliver 1.5 degrees.

The Deputy Prime Minister says the alternative is the burden of tens of trillions in loss, damage, and costs over the next decade in and an unstable and dangerous plus 3-degree world.

He adds the beauty here is the better scenario comes at a tenth of the cost.

Professor Prasad says the reality of the situation is that 1.3 trillion pales in the face of the 7 trillion spent annually on fossil fuel subsidies – the money is there – it’s just in exactly the wrong place.

He hopes the leaders have the ability to spot a bargain, to understand a win-win when presented with it, and to recognise that the social, economic, environmental, and political costs of perpetuating fossil fuels far exceed the benefits.