In that vein, I commend Australia for its new Indo-Pacific Carbon Offset Scheme (IPCOS). Trading in carbon credits will help fill the gaps in financing for adaptation. It is not a long-term solution, nor is it an alternative to action to rapidly drive down carbon emissions, but the system has merit.

Australia’s IPCOS will mean that Fijian resource owners and investors in renewable energy can generate carbon units that can be sold to Australian companies at an attractive price. Empowered by the legal framework established by our new Climate Change Act, this creates strong incentives to keep natural resources intact in Fiji and attract investments in nature-based solutions. We are also very pleased that Australia pledged to increase its climate finance commitment by $A500 million for the Pacific and south-east Asia.

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Agreements like this recognise that, ultimately, the stakes are the same for all of us – survival, plain and simple. Just as we are moving communities to high ground to escape sea-level rise, we keep hold of the moral high ground, and we believe that requires us to do more. We are one of the first countries – if not the first – to adopt a Climate Change Act which means government ministries must now seriously consider the climate impact of every program, every initiative and every expenditure.

A growing majority of governments and businesses have discarded the tired notion that economic progress and environmental protection are at odds. Profitable business, strong economies and effective climate action go hand in hand. By taking advantage of the market potential that lies in carbon neutrality, government and business can drive faster decarbonisation – and help avert climate catastrophe.

It is time to create a new era for the planet we call home. Political leaders – if they are worthy of the term – have critical levers for change at their disposal. Businesses, state and local governments, local communities, civic organisations, organised labour, faith communities and people everywhere must also champion change. If we can muster courage and good will – and if we seriously consider the price we will pay if our efforts fall short – then I trust we will prevail.

Frank Bainimarama is the Prime Minister of Fiji. He will be presenting at the Carbon Market Institute’s 8th Australasian Emission Reduction Summit on Thursday.