At COP29 in Baku, Azerbaijan, Finance Minister Professor Biman Prasad urged global leaders to reaffirm their commitment to the Paris Agreement, emphasizing the need for substantial financial investments to achieve climate goals. He highlighted the necessity of securing $1.3 trillion for national contributions to limit global warming to 1.5 degrees Celsius, warning against the catastrophic costs of inaction.
At the recent COP29 summit in Baku, Azerbaijan, Finance Minister Professor Biman Prasad emphasized the critical need for countries to reaffirm their commitment to the Paris Agreement. He articulated that failure to establish robust financial frameworks now could hinder the achievement of national climate objectives. He stressed the importance of aligning with the 1.5-degree Celsius target to secure a sustainable future, particularly for vulnerable nations, stating the urgency of forming a new collective quantified goal. Without securing the necessary funding for the 2025 nationally determined contributions, global climate aspirations risk falling out of reach, leading to severe economic repercussions if progress is not prioritized.
Prasad called for immediate action, highlighting that the world requires an estimated $1.3 trillion to secure a 1.5-degree future. He warned that neglecting this responsibility could lead to catastrophic scenarios costing tens of trillions in losses over the coming decade in a destabilized 3-degree world. He emphasized that maintaining the climate leadership amid current political challenges is essential, insisting that the world’s eyes remain focused on collective climate targets.
The topic of the Paris Agreement remains crucial in global discussions on climate change. The agreement, established during the COP21 summit in Paris in 2015, aims to limit global warming to well below 2 degrees Celsius, with a target of 1.5 degrees Celsius if possible. This is especially pertinent for developing nations and small island developing states, which face severe risks from climate change. The call for financial commitments is essential to support these nations in achieving their climate goals and implementing their nationally determined contributions (NDCs). The financial requirements are substantial, with estimates indicating that $1.3 trillion is needed to adequately respond to climate challenges and mitigate the potential impacts of a warmer world.
In conclusion, the commitment of all nations to the Paris Agreement is more crucial than ever, especially in light of Professor Biman Prasad’s address at COP29. Establishing the necessary financial mechanisms to support the 2025 NDCs is paramount to addressing climate change effectively. Failure to do so could lead to significant economic consequences and exacerbate global instability. Thus, immediate and decisive action is required to uphold our climate goals and ensure a sustainable future for all.
Original Source: www.fijitimes.com.fj
