Deputy Prime Minister and Minister for Finance Professor Biman Prasad [Source: Secretariat of the Pacific Regional Environment Programme - SPREP/ Facebook]

Deputy Prime Minister and Minister for Finance Professor Biman Prasad delivered Fiji’s national statement at the 29th Conference of Parties in Baku, Azerbaijan, telling world leaders that future generations will analyze word for word their records.

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—without solidarity—a much more difficult transition is required.

The DPM says keeping global average temperature rise below 1.5 degrees Celsius is not a loose policy slogan, and it is not open to subjective interpretation.

Deputy Prime Minister and Minister for Finance Professor Biman Prasad [Source: Secretariat of the Pacific Regional Environment Programme – SPREP/ Facebook]

He reminded leaders that this commitment is the science of survival, and it is the core of the multilateral effort they represent at COP29.

Prasad says the world needs $1.3 trillion to deliver 1.5 degrees.

He 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.

He adds the money is there; however, it’s just in exactly the wrong place.

The DPM expresses hope that leaders will have the ability to spot a bargain, to understand a win-win when presented with it, and to recognize that the social, economic, environmental, and political costs of perpetuating fossil fuels far exceed the benefits.

Prasad says as a Minister of Finance himself, he has no appetite for bad math and no intent to accept creative accounting.

He told leaders that they must deliver stability and deliver it now.

He says the cost of carbon eclipses any semblance of credible economic rationale for keeping fossil fuels in play.

He warns that their records will not be forgotten and will be judged by those yet to come.