At a regional meeting in Barbados last Thursday, the leader of the upcoming U.N. global climate summit emphasized the pressing need for more funds to counteract climate change in the Caribbean.
Sultan al-Jaber, the Minister of Industry for the United Arab Emirates, highlighted the prohibitive costs that have hindered Caribbean island nations from rapidly transitioning to renewable energy.
Caribbean islands: At the forefront of climate challenges
These Caribbean nations, according to al-Jaber, are enduring some of the most severe climate-related challenges globally.
He conveyed to the Caribbean community that their experience with climate change serves as an early alarm for the world at large.
During an online event, al-Jaber addressed leaders of the 15-member trade bloc, Caricom, emphasizing the importance of bridging the climate finance gap, especially in anticipation of the COP28 summit set to occur in Dubai this December.
Coinciding with his address, the U.S. National Oceanic and Atmospheric Administration revised its forecast for the Atlantic hurricane season.
Citing record sea surface temperatures, the new prediction now leans towards an above-normal season, with an estimated 14 to 21 named storms, including two to five major hurricanes.
This season, which spans from June 1 to November 30, has already seen the formation of five tropical storms, marking an unusually active onset.
Al-Jaber acknowledged the Caribbean’s familiarity with the profound human and economic tolls resulting from insufficient climate adaptation and resilience funding.
The Bridgetown initiative: A ray of hope for developing nations
He commended Barbados Prime Minister Mia Mottley’s pioneering efforts with the Bridgetown Initiative, a plan aimed at facilitating developing countries’ combat against global warming.
Additionally, this initiative proposes a mechanism for postponing debt payments following disasters. Advocates believe that this approach could potentially unlock $1 trillion for climate financing.
Adding to the proactive measures, Prime Minister Mottley recently unveiled plans for a legacy fund dedicated to bolstering Barbados’ climate change countermeasures.