The international community must fulfil its promises to provide greater financial support to small island countries at the frontline of climate change.
This was the main rallying call at the Leaders’ Summit of the Small Island Developing States [SIDS] on Climate Change, jointly convened by the COP29 Presidency and Commonwealth Secretariat, in Baku today.
The summit was told that, despite contributing the least to the climate crisis, SIDS are grappling with a relentless assault from extreme weather, floods and cyclones, among other impacts from the climate crisis. These climate change-induced weather events can destroy decades of development and infrastructure gains and often burden SIDS with mounting debt.
The summit, chaired by the Secretary General of the Commonwealth, the Rt Hon Patricia Scotland KC, was attended by HE Ilham Aliyev, President of the Republic of Azerbaijan and António Guterres, the UN Secretary-General.
Secretary-General Scotland spoke of the Commonwealth Secretariat’s actions to help small and other vulnerable states tackle the climate crisis.
She said:
“At the centre of our climate change support structure is our Commonwealth Climate Finance Access Hub, which, with an initial support of US$8.5 million dollars, has now unlocked more than $360 million, with an additional $500 million dollars in the pipeline in vital resources for the Commonwealth’s most vulnerable members.”
Among those addressing the gathering was HE Mukhtar Babayev, COP29 President; the Hon Toeolesulusulu Cedric Schuster, Chair of the Alliance of Small Islands States (AOSIS); HE Dr Mohamed Muizzu, President of the Maldives; HE Dr Hilda Heine, President of the Marshall Islands; HE Dickon Mitchell, Prime Minister of Grenada; HE Philip Davis, Prime Minister of The Bahamas and other leaders from the Caribbean and the Pacific.
Prime Minister of Grenada, Dickon Mitchell said: “SIDS have repaid in debt financing 18 times more than they have received in climate financing.”
He added:
“The debt we pay to survive is unsustainable in financial terms and in terms of livelihoods and lives. Our people want to hear that the Loss and Damage Fund has money, its accessible, it is for SIDS, it is based in a SIDS country, it is controlled by SIDS and will be used for all the loss and damage we suffer year in and out.”
In July, parts of Grenada were completely devastated by a Category Five hurricane. The Prime Minister also said that, in the last year, the country has also faced flooding and a serious drought.
Other leaders echoed the urgent call for the UN’s Loss and Damage Fund to be adequately capitalised so it can begin disbursing funds.
“It is time for SIDS to unite and demand that words and promises must transform into tangible action,” said H.E. Mohamed Muizzu, President of the Maldives.
Reiterating his call for the reform of the international financial architecture, the UN Secretary-General, Antonio Guterres, stated the need to do so as soon as possible so vulnerable countries can access funds and fund mitigation and adaptation measures.
The UN Secretary-General said:
“We must convert this anger to action. Together we can win.”
Warning of a wave of future climate refugees, the Grenadian Prime Minister Mitchell posed the question: “If we can find trillions of dollars for wars, why can’t we find trillions of dollars for climate finance?”
Press Release from Guernsey Finance, Tuesday 16 January, 2024. • The agreement fosters sustainable finance innovation within the two International Financial Centres• Collaboration supports investment
The European Commission has published the implementing regulation on public country-by-country reporting, providing the final common template and electronic reporting formats—jointly referred to as
The UK’s tax gap has widened according to latest figures from HM Revenue & Customs (HMRC). New data from HMRC shows that the UK missed out on £46.8bn of tax liabilities in the 2023-2024 financial
Roger Ver argued that the IRS exit tax for renounced US citizens with over $2 million in assets is unconstitutional and “impermissibly vague.” Roger Ver — also known as Bitcoin Jesus — urged