Pacific deserves larger chunk of climate funding
October 8, 2021 7:35 am
Prime Minister Voreqe Bainimarama is demanding that the current climate finance for SIDS be increased to 10 percent of the total fund.
Speaking at the EU-Indo-Pacific High-Level Virtual Conference on Climate Change yesterday, Bainimarama highlighted that currently, SIDS are only able to access a mere two percent of the climate finance.
He adds that this is not enough to protect us from the existential crisis caused by climate change.
Bainimarama says the developed nations must deliver on the $100b promised in climate finance with a new floor of $750b beyond 2025.
He says COP26 must be the place for the finalization of the outstanding elements of the Paris rulebook.
“The Paris Agreement is not simply a litany of a good intention that nations can wave in front of their people. If we do not act forcefully, it will not be a statement of hope, it will become our epitaph. It has to come alive through action that transforms the world economy. The 1.5-degree threshold is the only target that guarantees the existence of low-lying Pacific nations, the consequences of falling short are inconceivable. Who among us would like to face them?”
Bainimarama says the chief among the Pacific objective coming to COP26 is to keep the 1.5 targets alive by securing medium, large-scale emission cuts by 2030.
He adds coal does not belong in this century and other fossil fuels should be phased out as quickly as possible.
The Prime Minister says the private sector should be brought on board so they can do what they do best, innovate, invest and adopt carbon-neutral technology.