[File Photo]

Finance Minister Professor Biman Prasad stresses that climate change poses a significant threat not only to the Pacific but to the entire world.

Drawing attention to the Pacific region as the canary in the coal mine, Prasad urged the global community to take heed of the unfolding crisis.

Prasad underscored the systematic and widespread nature of climate change’s impacts on economies and societies.

“No one knows more than us about the devastating impacts of climate change on our oceans – from collapsing reef systems; to collapsing marine life to migrating fish stocks and to deteriorating food security.”
Prasad emphasizes that these impacts are growing and expresses concerns about their far-reaching consequences on health, poverty, well-being, and security throughout the region.

The Finance Minister attributed the root causes of these challenges to a global economic system heavily reliant on fossil fuels.

Highlighting the interconnectedness of global events, Prasad pointed out that even wars in distant regions like Ukraine have reverberations that impact the Blue Pacific.

He brought attention to the everyday struggles faced by parents, such as the rising cost of bread, as a direct result of climate change-induced disruptions.

Prasad expressed hope that the research presented at the Pacific Update conference would shed light on the intensifying geo-economic competition for critical minerals.

He underscored the need to understand how control and access to new technologies contribute to disruptions and strains on regional economies and institutions.