Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says the Pacific will not allow the climate crisis to define its story.
While speaking during the Inaugural Oceania Oration at the University of Melbourne, Professor Prasad says while the world has delivered to the Blue Pacific one of the cruelest prognosis – a climate changed Blue Pacific with existential consequences – we will not allow that to be our story.
He says ours is a story of resilience and resilience will be scripted on peace.
He says between 2025 and 2030, the annual adaptation cost for the Blue Pacific will be around AUD $5 billion, yet the total annual grant-based climate finance flows into this region is well below AUD $250 million – barely 5 percent of what is needed.
The Finance Minister has also strongly rejected the term Indo-Pacific, saying it seeks to present Oceania wholly in geostrategic terms – as a vast undifferentiated geography to be dominated; to be managed.
Professor Prasad says it denies our agency and he rejects this term.
He says the concept of the Blue Pacific reclaims our agency and re-states our collective stewardship over our geography.
The Deputy Prime Minister says Blue Pacific places our identity and our sovereignty at the heart of its framing and expresses our confidence in engaging with the external world on our terms. He also says Australia is not some distant partner in this region; it is the Pacific, it is us.
He also expressed strong support for Australia’s bid to host COP31, saying a COP in our region can be the circuit breaker moment that we desire.
Professor Prasad adds COP31 in Australia will be a moment for those with most power in the world to listen to those with least power – that is, communities from the world’s most climate vulnerable region.
