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As the Caribbean Community (CARICOM) participates in the Twenty-Ninth Session of the Conference of the Parties (COP29) in Baku, Azerbaijan, its representatives are placing a significant emphasis on equitable climate financing. This focus underscores their push for financial mechanisms tailored to the specific challenges faced by Small Island Developing States (SIDS), which are disproportionately impacted by climate change despite contributing minimally to global emissions.
CARICOM Secretary-General Carla Barnett highlighted the urgency of establishing financial frameworks that ensure SIDS can access grant-based or concessional financing for adaptation and loss and damage. Barnett emphasized that existing financial structures often leave vulnerable states burdened with debt while struggling to rebuild and adapt to increasingly severe climate impacts.
“Securing concessional finance and dedicated resources for small island states is essential to achieve climate resilience and protect our citizens,” Barnett said. She cited the growing need for rapid financing mechanisms to address immediate crises, such as infrastructure damage from hurricanes, and to support long-term resilience strategies.
The delegation is also advocating for improved access to the UN’s Loss and Damage Fund and urging greater flexibility in financing terms. This stance comes as SIDS grapple with economic pressures, exacerbated by rising sea levels, extreme weather, and climate-induced migration.
Grenada’s Prime Minister, Dickon Mitchell, stressed that addressing financing gaps is not merely a regional concern but a global responsibility. “Climate finance must be fair, timely, and accessible,” Mitchell said, adding that the current funding pace and complexity do not match the scale and urgency of needs faced by small islands.
CARICOM’s approach to COP29 includes fostering partnerships with developed nations and exploring innovative financing solutions, such as parametric insurance models, to provide rapid payouts after disasters. The delegation also aims to enhance accountability in climate finance pledges to ensure promised funds reach the most affected communities.
Senator Dr. Shantal Munro-Knight of Barbados, leading on Loss and Damage, emphasized the importance of transitioning pledges into concrete financial action. “We have the framework; now we need implementation and follow-through,” she stated.
By centering its COP29 agenda on equitable financing and tangible outcomes, CARICOM is seeking to transform the conversation on climate resilience for SIDS from promises to action, ensuring their survival and long-term sustainability.
