With the 29th Conference of Parties (COP29) of the United Nations Framework Convention on Climate Change nearing an end, Less Developed Countries (LDCs) and Small Island Developing States (SIDS) have challenged the goals set on climate finance by Developed Countries.
Many vulnerable states that have continued to be battered by climate change’s effects made impassioned pleas to the COP presidency and developed countries to find common goals in climate finance and limiting carbon emissions in alignment with the Paris Climate Agreement.
For many like St Vincent and the Grenadines, reaching and implementing these common goals is the difference between life and death.
As pointed out by Panama, it is unfair that countries continuously being battered are forced to take out loans to fund mitigation and adaptation projects, which puts the country in more debt and puts a strain on already struggling economies.
Minister of Tourism, Civil Aviation, Sustainable Development, and Culture Carlos James speaking on behalf of the Caribbean Community (CARICOM) again highlighted the immediate need for an agreement on a New Collective Quantified Goal (NCQG) favorable to SIDS with practical considerations for access and distribution remaining critical for effective implementation.
The Minister said any alternative goal against the Paris Climate Agreement and NCQG is not tenable for SIDS.
Barbados pointed to the fact that the continuous call for private sector investor partnership in adaptation and mitigation will again leave SIDS countries in the lurch, as many countries will not be able to give investors sufficient return on investment to justify the investment.
Barbados also challenged the climate financing goals set for SIDS
With only one day left on COP29 and many parties not able to reach agreements on some of the most important issues this might just be one of the “bad COPs” you often hear about, but never want to experience.
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