31/07/2024
Prime Minister Hon. Philip J. Pierre Calls for COP 29 to Focus on Climate Finance and Action
By OPM
.
Prime Minister Philip J. Pierre has emphasized the urgent need for COP 29 to prioritize climate finance and concrete action during the Forty-Seventh Regular Meeting of the Conference of the Heads of Government of the Caribbean Community (CARICOM). He urged global leaders to secure the necessary funds to adapt and mitigate the effects of climate change, particularly for Small Island Developing States (SIDS).
Prime Minister Pierre highlighted that SIDS and the Caribbean Community cannot compromise on existential threats and stressed the importance of preserving the Special Circumstances of SIDS within the Paris Agreement framework. He noted the unfairness of the current stance, which inadequately recognizes these vulnerabilities.
As preparations for COP 29 gain momentum, Prime Minister Pierre called for it to be a "Finance COP," focusing on securing accessible, predictable, and adequate funding for adaptation initiatives. He emphasized the necessity of grant-based financing over loans to avoid exacerbating debt burdens and pointed to Saint Lucia's ongoing collaboration with the Green Climate Fund on National Adaptation Plans (NAPs) as crucial.
The Prime Minister also stressed the urgent need for a unified approach to debt forgiveness, noting that the Loss and Damage Fund is not yet operational. He called for closing the finance gap between promises and deliveries and emphasised the importance of assisting people in improving housing and helping farmers with crop insurance in the face of climate disasters. He called on the world's biggest emitters to play their part as SIDS bear the brunt of climate change consequences.
Finally, Prime Minister Pierre proposed a conference of donors to develop a unified approach to climate financing, emphasizing the need for concerted efforts and cooperation among world leaders.
On the margins of the meeting, Prime Minister Pierre transferred the Chairmanship of the Caribbean Disaster Emergency Management Agency (CDEMA) to the Prime Minister of Saint Vincent and the Grenadines, Hon. Dr. Ralph Gonsalves. CDEMA plays a vital role in disaster management and response coordination across the Caribbean. The recent devastation in Carriacou, Grenada, and Saint Vincent due to Hurricane Beryl underscores the critical importance of climate financing, highlighting the need for resources to strengthen disaster preparedness and response.
The Forty-Seventh Regular Meeting of the Conference of the Heads of Government of the Caribbean Community culminated on July 30th, 2024.
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