Deputy Prime Minister and Minister for Finance Professor Biman Prasad delivered Fiji’s National Statement at the 2024 United Nations Climate Change Conference or 29th Conference of the Parties  more commonly known as COP29,in Baku, Azerbaijan.

He called out the 7 trillion spent annually on fossil fuel subsidies, while the world negotiates for a new climate finance goal. 

“The reality of the situation is that 1.3 trillion pales in the face of the 7 trillion spent annually on fossil fuel subsidies– the money is there – it’s just in exactly the wrong place.”

He hoped leaders have the ability to spot a bargain, to understand a win-win when presented with it, and to recognise that the social, economic, environmental, and political costs of perpetuating fossil fuels far exceed the benefits.

Professor Prasad said the Paris Agreement stands not only to protect the most vulnerable but also to protect productivity, security, and shared prosperity.

“All of our names and flags are on the record, and this record will not be forgotten – it will instead be analysed word for word by future generations whose reality you are determining and shaping today,” he said.

He added without solidarity, a much more difficult transition is required.

He reiterated that keeping global average temperature rise below 1.5 degree Celsius is not a loose policy slogan. 

“Let me be clear –we need to raise the bar – lock in the basis for Paris and 1.5-degree aligned 2025 NDCs and secure an NCQG which is evidence-based and recognises the specific needs of SIDS and LDCs.”

Note: This story was produced as part of the 2024 Climate Change Media Partnership, a journalism fellowship organized by Internews’ Earth Journalism Network and the Stanley Center for Peace and Security.