Urgent Call for Commitment to Paris Agreement at COP29

During COP29 in Baku, Professor Biman Prasad urged nations to commit to the Paris Agreement, emphasizing the necessity of financial foundations for targeted climate actions. He underscored the importance of achieving the 1.5-degree Celsius climate target and warned that failure to support the 2025 NDCs would have severe consequences, potentially costing trillions in losses and damages due to climate change.

During the COP29 summit in Baku, Azerbaijan, Finance Minister Professor Biman Prasad emphasized the urgent need for global leaders to reaffirm their commitment to the Paris Agreement to secure effective financing for climate initiatives. He stressed that setting clear, evidence-based targets for the 2025 nationally determined contributions (NDCs) is crucial, especially to support small island developing states (SIDS) and least developed countries (LDCs).

Professor Prasad articulated the essential nature of maintaining global temperature increases below 1.5 degrees Celsius, stating, “Keeping global average temperature rise below 1.5 degree Celsius is not a loose policy slogan. It is the science of survival.” He outlined that the new collective quantified goal, projected during the summit, must serve as a litmus test for genuine commitment to climate objectives.

Failure to establish the necessary financial groundwork for the 2025 NDCs would signify a detrimental lapse in leadership concerning global climate targets, revealing that nations have lost their focus after years of striving towards these goals. He explicitly stated the financial implications involved, highlighting the necessity for $1.3 trillion in funding to meet the 1.5-degree target, and warned of potential losses amounting to tens of trillions due to climate change impacts in a future environment rated at plus 3 degrees Celsius.

The discourse surrounding the Paris Agreement and its enforcement is crucial in the framework of international efforts to combat climate change. The agreement aims to limit global temperature rise to well below 2 degrees Celsius, with a target of 1.5 degrees Celsius to mitigate detrimental climate effects. Nationally determined contributions (NDCs) represent the climate action plans submitted by countries, which require consistent evaluation and tangible financial backing to thrive. The financial aspect is particularly pressing for smaller nations facing unique challenges due to their geographical and economic contexts, making robust financial commitments as highlighted at COP29 essential to fulfilling climate objectives.

In summary, Finance Minister Professor Biman Prasad’s call during COP29 serves as a vital reminder of the urgent need for cohesive international action and commitment to the Paris Agreement. The financial requirements for achieving the 1.5-degree target are significant, thus necessitating a collective and unwavering dedication among global leaders to implement strategic solutions. The consequences of inaction could lead to catastrophic environmental challenges, underscoring the importance of current and decisive leadership in climate financing.

Original Source: www.fijitimes.com.fj