Caribbean Calls for Fair, Appropriate Funding for Small Island States at COP – Global Issues
BAKU, Nov 18 (IPS) – Communities living in Small Island Developing States (SIDS) are paying the price of climate change in lives, livelihoods, and fragile sustainable development.
Representatives from the Caribbean islands have repeatedly expressed this ongoing concern at COP29.
Dr. Colin A. Young, Executive Director of the Caribbean Community Climate Change Center (CCCCC), reiterated the dire consequences of failing to meet emissions targets.
“What Hurricane Beryl showed the world is what happens when you fail to meet the goal of reducing emissions. To meet the Paris Agreement’s warming goal requires a 43 percent reduction in greenhouse gases by 2030, a peak in fossil fuel production by 2025. and net zero commitments by 2050 -without achieving these goals, we continue to face increasing frequency and intensity of hurricanes and other climate-related disasters Big countries often fail to understand how such events destroy small economies, wiping out critical infrastructure—schools, health care, communications, roads, and farms—crippling entire communities.”
Instead of a rich future, the future of the youth is at risk.
“Our youth are inheriting a future where they can’t reach their full potential because of climate-related impacts. In some cases, it’s setting back progress by years, and in others, decades.”
Young people have shown economic vulnerability to climate disasters—crippling small economies, leaving them highly vulnerable.
“We have seen the scale of destruction hurricanes can cause. Hurricane Maria wiped out 226 percent of Dominica’s GDP and two years earlier, Tropical Storm Erika had destroyed 90 percent of its GDP,” he said. “This is a matter of the survival of our countries and the failure of developed countries to act quickly enough to stop the pollution that is accompanied by science.”
Misbehavior, Bureaucratically Complex
Developed nations need to come to the party.
“G7 and G20 countries are responsible for 80 percent of all emissions. However, the burden of providing resources, technology transfer, and capacity building falls disproportionately on others—the morally unjust reality we face.”
Talking about finance and the New Collective Qualified Goal (NCGQ), the main result that SIDS expects to come out of COP29, Young said he is worried whether the NCQG will meet the requirements of SIDS or not.
Young criticized the ineffectiveness of the current climate finance system.
“The current structure of international finance does not serve the needs of small island developing states. It is too unfair, complex and difficult to access.”
He pointed out the difference in the distribution of funds.
“Take the Green Climate Fund as an example. Of the USD 12 billion approved, only 10 percent went to Small Island Developing States, and of that, the Caribbean received less than USD 600 million. If the resources from the New Collective Quantified Objective (NCQG) follows the same payment patterns, it is clear that it will not help our interests to meet the scale and speed of our countries’ emergency adaptation needs.”
Big Change Needed for Climate Finance
Piecemeal change will not work for SIDS, he told IPS.
“For Small Island Developing States, the climate access program under the NCQG and the Loss and Damage Fund cannot match the existing financial structure. We need a financial approach that is structured, equitable, fair and truly responsive to our unique challenges. .”
“There is a lack of transparency in the area of climate finance because developed countries continue to hamper efforts to clearly define what constitutes climate finance under the Paris Agreement.”
Funding often comes in the form of loans, and this has implications for SIDS. Recently, for example, the European Investment Bank (EIB) signed a loan agreement of Euro 100 million (USD 109.4 million) with the Caribbean Islands.
Young highlighted ongoing issues around the lack of privacy in climate finance and the clarification of financing terms
“Certain types of investments, especially non-concessional loans, should not be counted as climate finance under the Agreement. When we talk about the annual goal of USD 100 billion that developed countries have committed to since 2009, there is disagreement among developing countries. whether it has been met The The OECD says it has, but developing countries argue that the funds are invisible or difficult to track due to lack of transparency.”
Young expressed concern about the growing debt burden placed on SIDS due to climate change.
“What we increasingly see is that we are being asked to shoulder a debt burden that is already alarmingly high – above World Bank and IMF estimates.”
He pointed out that this problem is cyclical.
“We are forced to borrow to be able to sustain ourselves, but even when we pay off the loan, we are hit by many disasters. It is a vicious cycle that leaves us unable to repay, which makes our debt level worse.”
When asked about one important discussion or message to convey at COP 29, his answer was clear:
“The message is that we need a greater desire from developed countries to reduce greenhouse gas emissions in line with science. In addition, they must fulfill the promises they have made to bring high-quality finance, adaptation finance, technology and capacity building in development. countries, especially in SIDs and LDCs.”
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© Inter Press Service (2024) — All Rights ReservedOriginal source: Inter Press Service
