The recently concluded Regional Policy Meeting held in Barbados from October 8-10, 2024, provided critical insights as the Caribbean prepares for COP29 – the 2024 United Nations Climate Change Conference slated for November in Baku, Azerbaijan.
Organized by the Caribbean Policy Development Centre (CPDC) and funded by the European Union and the Open Society Foundations, the Regional Policy Meeting, titled ‘Forging Ahead: Charting Caribbean Sustainable Development’, brought together civil society organizations, NGOs, development practitioners, finance experts, and policymakers from across the region; all of whom are pivotal in shaping the Caribbean’s stance on climate justice and sustainable development.
Over the course of the three days, they primarily addressed how global financial systems must better accommodate the vulnerabilities of Small Island Developing States (SIDS) as they face the escalating impacts of climate change.
Climate resilience and demand for debt relief
At the heart of discussions was the Caribbean’s limited fiscal capacity to respond to climate change, exacerbated by unsustainable sovereign debt and the economic reliance on natural-resource-based sectors like agriculture, fisheries, and tourism. As the region grapples with more intense hurricanes and rising sea levels, the fiscal strain becomes even more pronounced.
Richard Jones, Executive Director at the CPDC, cited a 2024 study by Cavallo et al. revealing that “the average debt increase following the Caribbean’s 10 most intense hurricanes is about 10%, with debt levels soaring to 18% higher than expected within three years. This growing debt burden restricts investments in critical areas such as climate resilience, food security, and social protection programmes.”
Participants from Trinidad and Tobago, Belize, the Bahamas, Jamaica, Dominican Republic, Suriname and Dominica, underscored the need for the region to engage international financial institutions in renegotiating debt structures and advocating for more equitable climate financing. The meeting recognized that Caribbean nations must strengthen their collective voice, seeking not only mitigation and adaptation funding but also addressing the historical injustices that contribute to current economic disparities. A robust push for reparatory justice, which includes demands for debt relief, could unlock vital resources needed for sustainable development.
More diverse voices needed to build trust
A key theme was the call for stronger governance frameworks that integrate diverse voices—from the public and private sectors, to unions and civil society. The meeting emphasized that governance models should ensure full, inclusive participation, especially as the region navigates the complexities of climate change, food and nutrition insecurity and financial constraints. There was a consensus on the need for transparency and accountability in governance structures to secure greater trust and involvement from local communities, NGOs, and vulnerable groups.
In preparing for COP29, the Caribbean region should aim to push for more inclusive, adaptive governance models that reflect the realities of Small Island Developing States. This includes advocating for reforms in global climate finance systems that recognize the unique challenges faced by the Caribbean, allowing these nations to access concessional funding and adapt to the rapidly changing climate.
Path to COP29 and Beyond
Mr. Jones, Executive Officer at the CPDC, noted that “As the region looks toward COP29 in Azerbaijan, the outcomes of this Regional Policy Meeting will guide Caribbean civil society and governmental representatives in shaping their advocacy positions. Our event served as a strategic platform for aligning regional priorities on climate action, food security, debt restructuring, and governance reform. I believe we accomplished that.”
He added that the wide cross-section of nationalities present at the meeting highlights the Caribbean’s commitment to ensuring that its voice is heard on the global stage, advocating for a more just and equitable future in the fight against climate change.
“In the lead-up to COP29, the Caribbean stands poised to push for global financial and environmental systems that better reflect the realities of its vulnerable economies, while building resilience and advancing development goals that benefit all sectors of society,” Jones said.
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