The not too long ago concluded Regional Coverage Assembly held in Barbados from October 8-10, 2024, offered important insights because the Caribbean prepares for COP29 – the 2024 United Nations Local weather Change Convention slated for November in Baku, Azerbaijan.
Organized by the Caribbean Coverage Improvement Centre (CPDC) and funded by the European Union and the Open Society Foundations, the Regional Coverage Assembly, titled ‘Forging Forward: Charting Caribbean Sustainable Improvement’, introduced collectively civil society organizations, NGOs, improvement practitioners, finance consultants, and policymakers from throughout the area; all of whom are pivotal in shaping the Caribbean’s stance on local weather justice and sustainable improvement.
Over the course of the three days, they primarily addressed how world monetary techniques should higher accommodate the vulnerabilities of Small Island Growing States (SIDS) as they face the escalating impacts of local weather change.
Local weather resilience and demand for debt reduction
On the coronary heart of discussions was the Caribbean’s restricted fiscal capability to answer local weather change, exacerbated by unsustainable sovereign debt and the financial reliance on natural-resource-based sectors like agriculture, fisheries, and tourism. Because the area grapples with extra intense hurricanes and rising sea ranges, the fiscal pressure turns into much more pronounced.
Richard Jones, Govt Director on the CPDC, cited a 2024 research by Cavallo et al. revealing that “the typical debt enhance following the Caribbean’s 10 most intense hurricanes is about 10%, with debt ranges hovering to 18% larger than anticipated inside three years. This rising debt burden restricts investments in important areas comparable to local weather resilience, meals safety, and social safety programmes.”
Individuals from Trinidad and Tobago, Belize, the Bahamas, Jamaica, Dominican Republic, Suriname and Dominica, underscored the necessity for the area to have interaction worldwide monetary establishments in renegotiating debt buildings and advocating for extra equitable local weather financing. The assembly acknowledged that Caribbean nations should strengthen their collective voice, searching for not solely mitigation and adaptation funding but in addition addressing the historic injustices that contribute to present financial disparities. A sturdy push for reparatory justice, which incorporates calls for for debt reduction, may unlock very important assets wanted for sustainable improvement.
Extra numerous voices wanted to construct belief
A key theme was the decision for stronger governance frameworks that combine numerous voices—from the private and non-private sectors, to unions and civil society. The assembly emphasised that governance fashions ought to guarantee full, inclusive participation, particularly because the area navigates the complexities of local weather change, meals and diet insecurity and monetary constraints. There was a consensus on the necessity for transparency and accountability in governance buildings to safe better belief and involvement from native communities, NGOs, and weak teams.
In making ready for COP29, the Caribbean area ought to purpose to push for extra inclusive, adaptive governance fashions that mirror the realities of Small Island Growing States. This contains advocating for reforms in world local weather finance techniques that acknowledge the distinctive challenges confronted by the Caribbean, permitting these nations to entry concessional funding and adapt to the quickly altering local weather.
Path to COP29 and Past
Jones, Govt Officer on the CPDC, famous that “Because the area seems to be towards COP29 in Azerbaijan, the outcomes of this Regional Coverage Assembly will information Caribbean civil society and governmental representatives in shaping their advocacy positions. Our occasion served as a strategic platform for aligning regional priorities on local weather motion, meals safety, debt restructuring, and governance reform. I imagine we completed that.”
He added that the vast cross-section of nationalities current on the assembly highlights the Caribbean’s dedication to making sure that its voice is heard on the worldwide stage, advocating for a extra simply and equitable future within the struggle towards local weather change.
“Within the lead-up to COP29, the Caribbean stands poised to push for world monetary and environmental techniques that higher mirror the realities of its weak economies, whereas constructing resilience and advancing improvement objectives that profit all sectors of society,” Jones mentioned.