Ritika Pratap 
Deputy Prime Minister and Finance Minister Professor Biman Prasad [Source: Pacific Islands Forum/ Facebook]
While Fiji and its neighbouring small island states are dissatisfied with the COP29 outcome in Baku, Azerbaijan Deputy Prime Minister and Finance Minister Professor Biman Prasad says a deal is better than no deal.
The agreement sets an annual climate finance target of $300 billion to assist poorer nations, with wealthier countries leading the payments.
This new goal replaces the previous $100 billion annual commitment from developed nations, which was met two years late in 2022 and expires next year.
Professor Prasad says it was a hard-fought deal as they did not get everything they wanted.
“SIDS wanted $39 billion for 39 Small Island Development States as a floor. That obviously was not accepted. But getting the deal that we have, the agreement that we’ve got, first of all on the $300 billion target by 2035 annually, then there is another target agreement. It talks about $1.3 trillion by 2035.”
Professor Prasad says the talks in Baku were on the brink of collapse, but Fiji and the Pacific Island countries played a crucial role in the negotiations.
He emphasizes that with the $300 billion annual pledge, they now have a roadmap to guide future discussions.
“The roadmap will bring high-level discussions to ensure how quickly that finance can be mobilized. Plus there is an agreement on Article 6, which was negotiated for the last three years.”
The Finance Minister stresses that while some nations and activists remain disappointed, they need to look at the overall global situation.
He adds that given the global geopolitical situation and tensions in developed countries, the deal in Baku sets the foundation for future negotiations.
