CARIBBEAN-CDB calls for increased climate financing and justice for the Caribbean.
BELÉM, Brazil, CMC -President of the Barbados-based Caribbean Development Bank (CDB), Daniel M. Best, has called for significantly increased climate financing and climate justice for the Caribbean. Addressing the 30th United Nations Climate Change Conference (COP 30), which ends here on Friday, Best told the High-Level Ministerial Roundtable on pre-2030 ambition that global leaders should […] The post CARIBBEAN-CDB calls for increased climate financing and justice for the Caribbean. appeared first on Caribbean Times.
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BELÉM, Brazil, CMC -President of the Barbados-based Caribbean Development Bank (CDB), Daniel M. Best, has called for significantly increased climate financing and climate justice for the Caribbean.
Addressing the 30th United Nations Climate Change Conference (COP 30), which ends here on Friday, Best told the High-Level Ministerial Roundtable on pre-2030 ambition that global leaders should confront the widening gap between climate ambition and real support for the world’s most vulnerable regions.
He spoke of the Caribbean’s escalating climate emergency, noting that five Category 5 hurricanes have hit the Caribbean region in eight years, causing social dislocation, environmental damage, and overwhelming economic losses.
The CDB official said that Hurricane Maria, which ravaged Dominica in 2017, had caused US$1.3 billion in damage and losses, equivalent to 226 per cent of the country’s Gross Domestic Product (GDP).
Hurricane Dorian inflicted more than US$3.4 billion in damage when it devastated The Bahamas in 2019, and Hurricane Melissa, which tore through Jamaica on October 28 this year, could leave losses as high as US$7 billion.
“The scale of these disasters is catastrophic. Single events have caused losses exceeding entire national GDPs, with widespread damage to infrastructure, livelihoods, and ecosystems. Year after year, our islands endure climate-related shocks that erase decades of development.” Best said.
He urged the international community to match “ambition to action”, saying “we call on donor countries to significantly increase their contributions to the Fund for Responding to Loss and Damage to ensure it adequately addresses the severe losses and damage incurred by vulnerable countries annually.
“We support the Roadmap to Belém’s call for US$1.3 trillion annually, and we echo the voices of Small Island Developing States (SIDS) calling for justice, not just survival, but the opportunity to thrive. Caribbean nations need outcomes that prioritise equity and justice, including mechanisms to address loss and damage, predictable and accessible financing, and meaningful partnerships and support to build resilience at the community level.”
The CDB is among the regional organisations at COP 30 advocating for increased support for climate adaptation, disaster recovery, and loss and damage as the Caribbean grapples with increasingly severe impacts from Climate Change.
The region’s premier financial institution has hosted and participated in several events in Belém to highlight the region’s extensive needs given its severe vulnerabilities.
The post CARIBBEAN-CDB calls for increased climate financing and justice for the Caribbean. appeared first on Caribbean Times.
