The world will lose sight of its climate goals if leaders do not put in place financial fundamentals for the transition needed to implement nationally determined contributions.
Speaking at the COP29 summit in Baku, Azerbaijan, Finance Minister Professor Biman Prasad called on participating countries to commit to the Paris Agreement.
“Let me be clear — we need to raise the bar — lock in the basis for Paris and 1.5-degree aligned 2025 NDCs (nationally determined contributions) and secure an NCQG which is evidence-based and recognises the specific needs of SIDS (small island development states) and LDCs (least developed countries),” he said.
“Keeping global average temperature rise below 1.5 degree Celsius is not a loose policy slogan. It is not open to subjective interpretation.
“It is the science of survival, and it is the core of the multilateral effort we represent here.”
He said with this in mind, the centrality of the 1.5 degree target was unavoidable.
“The new collective quantified goal we must set here in Baku is a proxy for understanding whether the requisite commitment to achieving this target exists.
“If, here at COP29, we do not put in place the financial fundamentals for the transition that our 2025 NDCs must enable, the world will know unequivocally that despite years of effort we have lost sight of the horizon.
“The public will know that the current political storms and uncertain waters have beaten back our leadership at a time where reassurance and hope is needed more than ever.”
He said governments could not allow that.
“The world needs $1.3trillion to deliver 1.5 degrees.
“The alternative is the burden of tens of trillions in loss, damage, and costs over the next decade in and an unstable and dangerous plus 3-degree world.”
