Climate Change Funding: A Mixed Bag for Small Island Developing States
ROSEAU, Dominica, CMC—
Dominica is urging small island developing states (SIDS) to continue pushing for increased funding for climate change following the United Nations Conference of the Parties (COP 29) agreement for US$300 billion annually up to 2035.
The United Nations Climate Change Executive Secretary
The United Nations Climate Change Executive Secretary, Simon Stiell, a former Grenada government minister, has described the new finance goal negotiated at COP 29, which ended in Azerbaijan last weekend, as “an insurance policy for humanity.”
Developing Countries’ Concerns
However, developing countries, including those in the Caribbean, had sought over one trillion dollars in assistance. They called the agreement an “insult” and argued it did not give them the vital resources they required to truly address the complexities of the climate crisis.
Foreign Affairs and Trade Minister
Foreign Affairs and Trade Minister Dr. Vince Henderson said that while the rich developed countries made increased commitments, “there remain debates around that.”
We in small island developing states recognize that about US$1.5 trillion is required to deal with the impact of climate change. We are talking about loss and damage, the impact we have had to bear, even in Dominica, right here at home, and the effect of successive tropical storms, hurricanes, and other climate-related events.
This amount, while some small island states like Dominica are welcoming it, we have concerns because out of that financing, the package is a requirement for countries to take loans, and we have made it clear we are in a position to make it difficult to contract more loans, especially because of the loans we have already contracted to deal with the issues of climate change.
COP 29 Outcomes
Henderson described the outcome of the COP29 meeting as “mixed,” saying, “Some people call it a weird outcome, some people say it does not reflect the spirits of the United Nations Convention on Climate Change in the way the matters are conducted.
Conclusion
The outcome of COP 29 has left many small island developing states with mixed feelings. While some have welcomed the increased funding, others have expressed concerns about the terms of the agreement. For Dominica, the issue is not just about the amount of funding, but also about the conditions attached to it. As the country continues to grapple with the impacts of climate change, it remains to be seen how the international community will come together to support the fight against climate change.
FAQs
- What is the new finance goal negotiated at COP 29?
US$300 billion annually up to 2035 - What is the overall climate financing target by 2035?
At least US$1.3 trillion - What are the concerns of small island developing states?
They are concerned about the terms of the agreement, including the requirement to take loans to access funding - What is the reaction of the Foreign Affairs and Trade Minister?
Dr. Vince Henderson described the outcome as "mixed" and expressed concerns about the conditions attached to the funding.
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