COP 29: High Stakes for Small Islands Fighting for Climate Finance

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COP29

Buoyed by the collaboration and agenda established in their SIDS4 conference in May, small island developing states are preparing for COP29 with a focus on climate finance and collaboration. IPS spoke with an official from Saint Lucia about that nation’s climate action, preparation for COP29 and the importance of a united SIDS’ voice in negotiations.

Section of Castries, Saint Lucia. Through ambitious NDCs, SIDS like Saint Lucia are hoping to shore up resilience and protect their economies and infrastructure. Access to adequate climate financing remains crucial to these efforts. Credit: Alison Kentish/IPS

Section of Castries, Saint Lucia. Through ambitious NDCs, SIDS like Saint Lucia are hoping to shore up resilience and protect their economies and infrastructure. Access to adequate climate financing remains crucial to these efforts. Credit: Alison Kentish/IPS

SAINT LUCIA, Oct 1 2024 (IPS) – Small Island Developing States (SIDS) are experiencing the most severe impacts of climate change. When leaders of those islands met in Antigua and Barbuda in May, they let the world know that achieving climate justice hinges on comprehensive climate finance.

As they prepare for the 2024 United Nations climate change conference (COP29) in Baku, Azerbaijan, Saint Lucia is prioritizing this issue, strengthening alliances with other SIDS, and seeking critical funding for adaptation and mitigation projects. With the recent enactment of its Climate Change Act of 2024, the island nation recognizes that securing climate finance is vital for safeguarding its future.

“This year’s COP has been dubbed the ‘Finance COP’,” Maya Sifflet, a Sustainable Development and Environment Officer for Saint Lucia told IPS. “The focus is to get the finance we need to mobilize and implement the ambitious climate action we’ve committed to.”

Saint Lucia, like many other SIDS, faces significant challenges in adapting to the impacts of climate change. Rising sea levels, more intense storms and shifting weather patterns are already threatening its economy and infrastructure. Sifflet explained that Saint Lucia has developed a comprehensive National Adaptation Plan (NAP), which integrates climate action into national development strategies. However, without adequate funding, even the most well-crafted plans risk falling short.

“Every year, countries submit their nationally determined contributions (NDCs), outlining the climate action they’re taking. We are encouraged to make them as ambitious as possible, stating what climate action we are taking. Our NDCs now capture not only our mitigation efforts, but our adaptation efforts as well,” Sifflet said.

Finance is crucial to those plans.

“We need to ensure our sectors are more resilient—agriculture, tourism, fisheries. Each sector was encouraged to assess its risk, assess vulnerabilities and explore what actions can be taken to build resilience. We have therefore developed several sectoral adaptation strategies and action plans.”

Saint Lucia has also developed a set of bankable project concepts, which aim to make the nation “finance-ready” when global funds become available. These initiatives are part of a broader effort to position the country to receive climate funding, whether through bilateral agreements or international mechanisms.

Sifflet emphasized that collective action through umbrella groups like the Alliance of Small Island States (AOSIS) is crucial to Saint Lucia’s success at COP29. “We negotiate in blocs. Our strength is in numbers,” she said. “Through AOSIS, we exchange knowledge, share experiences, and amplify each other’s voices in the negotiations. It’s a big arena, it’s very contentious and you need that collective presence to have power.”

One of the key areas Saint Lucia and AOSIS members will focus on during COP29 is the operationalization of the Loss and Damage Fund, which was a breakthrough agreement during COP27. The fund is designed to provide financial assistance to vulnerable countries for losses and damages resulting from climate change impacts that cannot be mitigated or adapted to.

“Operationalizing the Loss and Damage Fund would be a major success at COP29,” Sifflet noted. “It’s something SIDS have lobbied for over many years. This fund signifies that the global community is ready to put money where their mouth is.”

Saint Lucia, in anticipation of the fund’s formalization, has already conducted a Loss and Damage Needs-Based Assessment to ensure it is prepared to access financing once it becomes available.

“As vulnerable countries, we bear the brunt of climate change, often being forced to hit the reset button after every extreme weather event,” Sifflet added. “And it’s not just about economic losses—our cultural assets, things that can’t be quantified, are at risk. There is so much at stake for us as small islands,” she told IPS.

Sifflet concluded that while Saint Lucia’s preparation for COP29 has been extensive, the real measure of success will be securing the finance and global commitments needed to ensure the survival and prosperity of small islands in the face of climate change.

This week, the COP29 Presidency unveiled a group of programmes to propel global climate action. In a letter to all parties, President-Designate Mukhtar Babayev said it include the Baku Initiative on Climate Finance, Investment and Trade, noting that “climate finance, as a critical enabler of climate action, is a centrepiece of the COP29 Presidency’s vision.”

This year’s COP is expected to be a competitive negotiations stage for global climate change funding. Small island developing states will be looking to the large economies and major emitters of greenhouse gases to give the financial support needed for adaptation and mitigation measures to cope with a crisis that they did little to create. The stakes for Saint Lucia, and other SIDS, are high.

IPS UN Bureau Report

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Partnering for Progress: Maldives’ Sustainable Ocean Initiatives

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Opinion

The UN’s focus on green energy, plastic, biodiversity, and early warnings aims to safeguard the Maldives from climate change. Credit: UNDP Maldives / Ashwa Faheem

MALE, Maldives, Aug 2 2024 (IPS) – The ocean is our lifeline, covering 70 percent of the earth’s surface, it is the source of half of the oxygen we breathe, and it absorbs 26 percent of the carbon dioxide we produce. It is home to millions of marine species, contains 97 percent of all of the water on our planet and offers humankind immense resources. 

Maldives – 500,000 people living in ocean-side communities across an archipelago of 26 atolls and 1,192 islands – demonstrates both the challenges of living within an ocean world and its vast potential. Therefore, we must ensure that the ocean is not only our treasured history but part of our healthy and prosperous future as well.

The UN in Maldives together with Ocean Generation (an organization working to restore a healthy relationship between people and the ocean), is supporting the Maldives in meeting the increasing dangers of the climate crisis and preserving and protecting our threatened ocean.

At the recently concluded 4th Small Island Developing States (SIDS4) Conference in Antigua, Maldives President Mohamed Muizzu directly addressed these challenges, calling for international public and private sector finance to invest in Maldives – to provide urgently needed climate financing for new green energy sources and to fund climate protection for communities and islands threatened by rising sea levels.

Recognizing the precarious state of our oceans due to human consumption patterns and global heating, the President has recently ordered a pause to coastal development activities over concerns of high-water temperatures and coral bleaching in nearby waters.

Heeding the President’s call, the UN and Ocean Generation are looking forward to working with Maldives towards solutions for the challenges faced by one of the most climate-vulnerable states in the world.

Here are four key areas with the potential to make the biggest difference.

1) Green energy

A critical issue for Maldives is to reduce the use of expensive diesel fuel for energy production and transport between the many and distant atolls and island communities. Less diesel fuel use is a win-win: fewer carbon emissions and less foreign exchange spent on costly imported fuel.

International investment is urgently needed to scale-up commercial, private-sector supported solar and other renewable energy sources for the capital city Malé and other urban areas, for smaller island communities, and for resorts.

Meeting the Government’s goal of 33 per cent green energy supply by 2028 is a key priority where UN and World Bank initiatives can contribute.

2) Reducing plastic pollution

Safely disposing of waste and reducing the amount of waste that is generated are crucial goals for improving the lives of coastal communities. Reducing the import of single use, throwaway plastics into Maldives that ultimately end in our ocean and wash up on the shores of Maldives atolls, will be essential.

Global plastic production is currently around 420 million metric tonnes per year.  Half of this is destined for single-use. We cannot rely on recycling to address our plastic waste problem.  Only 13 percent of global plastic is recycled and of that 13 percent, only 1 percent is re-used through the system again meaning that even the plastic that does get recycled will eventually end up in landfill, being burned or in the environment.

Maldives Ministry of Environment, Climate Change and Technology’s efforts to increase fees on plastic bags is essential to the national goal of phasing out plastic usage. Working with the Government, the UN and Ocean Generation strive to raise awareness among stakeholders of the cost of inaction and the shift towards environmentally-friendly alternatives to single-use plastics.

The rich biodiversity of the Maldives is vital for the resilience of its island communities, supporting thriving fisheries, diverse vegetation, and various economic opportunities. Credit: UNDP Maldives / Ashwa Faheem

3) Biodiversity conservation

The broad biodiversity of Maldives coastal and marine life is the key to resilience of the interconnected communities of the islands, through fisheries and vegetation and economic livelihoods. Maldives can act as a global laboratory both for oceanic health and for the immediate and dynamic effects of climate change. Ongoing UN initiatives focused on conservation and sustainably managing coral reefs in fishing communities are already laying the ground for local lessons to shape national policy change.

4) Fighting climate change

The ocean is our biggest ally when it comes to climate change, especially with regards to absorbing heat. Average global temperatures today sit at 15 degrees C, (59 F) and without the ocean absorbing heat, that average is estimated to be 50 degrees C (122 F).  Maldives has already demonstrated its commitment to climate resilience, by becoming the first country in Asia and the first Small Island Developing State to embrace the UN Secretary-General’s Early Warnings for All (EW4All) initiative.

Globally, it is the first country to endorse a national EW4All road map, at the presidential level, to ensure multi-hazard early warnings for all by 2027. Continuing to conserve, protect and restore marine resources, as a clear nature-based solution to climate change, is of utmost priority.

Maldives’ climate initiatives offer valuable lessons for all island nations, and their successful implementation could serve as a model for global change. By scaling up efforts to reduce fossil fuel dependence and combat throwaway consumerism, we can protect our oceans and planet, creating a sustainable future for all.

This article was adapted from an Op-Ed written by the UN Resident Coordinator in the Maldives Bradley Busetto and the founder of Ocean Generation Jo Ruxton, MBE. The links follow: maldives.un.org oceangeneration.org.

Source: UN Development Coordination Office (UNDCO).

IPS UN Bureau

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Uniting for Climate Action: UN, World Bank and UNDRR Leaders Push for Climate Finance, Justice and Nature-Based Solutions for SIDS

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Climate Change Finance

Panelists at SDG Media Zone at SIDS4, Antigua and Barbuda. Credit: Alison Kentish/IPS

Panelists at SDG Media Zone at SIDS4, Antigua and Barbuda. Credit: Alison Kentish/IPS

ANTIGUA & BARBUDA, May 29 2024 (IPS) – As leaders of Small Island Developing States (SIDS) meet for the 4th International Conference on SIDS in Antigua this week, top United Nations and World Bank officials are calling for urgent action to help SIDS tackle their unique challenges and plan for the next decade.

Selwin Hart, UN Special Adviser to the Secretary-General and Assistant Secretary-General of the Climate Action Team, had a frank assessment for a United Nations SDG Media Zone event on the sidelines of the conference, known as SIDS4. 

“The international community has failed to deliver on its commitments to these small nations, but it’s not too late to make amends,” he said.

Hart says the world has the ‘tools, solutions, technologies, and finance’ to support SIDS, but change lies in the political will of  the countries with the greatest responsibility and capacity, particularly G20 nations, which account for almost 80 percent of global greenhouse gas emissions.

“A mere USD 3 billion of the USD 100 billion goal has been mobilized annually for the small island developing state and you compare that to the USD 36 billion in profit that Exxon Mobil made last year. It represents a tenth of the climate finance that SIDS are attracting and mobilizing. We need to correct these injustices and that has to be at the root of the global response to the demands and needs of  small island developing states.”

Nature-Based Solutions for Nations on the Frontlines of Climate Change
“Both natural and man-made disasters hit SIDS first,” the World Bank’s Global Director of Environment, Natural Resources, and Blue Economy, Valerie Hickey, told the Media Zone. She said that for this reason, the international lending body describes SIDS as “where tomorrow happens today,” a nod to small islands’ role as ‘innovation incubators,’ who must adapt to climate change through the creative and sustainable use of natural capital, biodiversity, and nature-based solutions.

She says nature capital also shifts the narrative, focusing less on the vulnerabilities of SIDS and more on their ingenuity.

“We don’t talk enough about the fact that small islands are where natural capital is the engine of jobs and GDP,” she said. “It is fisheries. It is nature-based tourism. These are critically important for most of the small islands and ultimately deliver not just jobs and GDP but are going to be the only technology for adaptation that is available and affordable, and affordability matters for small islands.”

For small island states seeking to adapt to a changing climate, nature-based solutions and ecosystem based adaptation are essential, but it is also necessary to tackle perennial problems that hinder growth and access to finance. That includes a dearth of current, relevant data.

“The data is too fragmented. It’s sitting on people’s laptops. It’s sitting on people’s shelves. Nobody knows what’s out there and that’s true for the private sector and the public sector,” she said.

“In the Caribbean, where there is excess capital sitting in retail banks, USD 50 billion of that can be used to invest in nature-based solutions judiciously, to work on the kind of longer-term infrastructure that would be fit for purpose both for disaster recovery and long-term growth—it’s not happening for lack of data.”

As part of SIDS4, the world’s small island developing states appear to be tackling this decades-long data problem head-on. At the event’s opening session, Antigua and Barbuda’s Prime Minister Gaston Browne said a much-promoted Centre of Excellence will be established at this conference and that this Global Data Hub for Innovative Technologies and Investment for SIDS will use data for decision-making, ensuring that SIDS’ ten-year Antigua and Barbuda Agenda (ABAS) is led by ‘accuracy and timeliness.’

Reducing Disaster Risk and Early Warning Systems for All

A discussion on SIDS is not complete without acknowledging the disproportionate impact of disasters on the island nations. Assistant Secretary-General and Special Representative of the Secretary-General for Disaster Risk Reduction, Kamal Kishore, says mortality rates and economic losses from disasters are significantly higher in SIDS than the global average.

“If you look at mortality from disasters, the number of deaths normalized by the population of the countries, the mortality rate in SIDS is twice that of the rest of the world. If you look at economic losses as a proportion of GDP, globally it is under one percent; in SIDS, in a single event, countries have lost 30 percent of their GDP. SIDS have lost up to two-thirds of their GDP in a single event.”

Kishore says the ambition to reduce disaster losses must match the scale of the problem. He says early warning systems are a must and have to be seen by all not as generosity but responsibility.

“It is not acceptable that anybody on planet Earth should not have access to advanced cyclone or hurricane warnings. We have the technical wherewithal to generate forecasts and warnings. We have technologies to disseminate it. We know what communities need to do and what local governments need to do in order to respond to those warnings. Why is it not happening?”

The Early Warning for All initiative was launched by UN Secretary General Antonio Guterres in 2022. Kishore says 30 countries have been identified in the initial stage and a third of those countries are SIDS. Gap analyses have already been conducted and a road map has been prepared for strengthening early warning systems. The organization needs money to make it happen.

“The world needs to show some generosity and pick up the bill. It’s not in billions. It’s in millions and it will pay for itself in a single event. You invest in early warning in a country and one major event happens in the next five years, you’ve recovered your investment. The evidence is there that it makes financial sense, but we need to mobilize resources to close that gap.”

The Road Ahead

Thirty years since the first International Conference on Small Island Developing States (SIDS), the three leaders agree that there is hope, but that hope is hinged on action—an approach to development in SIDS that involves financial investment, comprehensive data collection and management and nature-based adaptation measures.

“It’s not too late,” says Selwin Hart. “What we need now is the political will to make things right for small island developing states.”

IPS UN Bureau Report

 

Small Island Nations Demand Urgent Global Action at SIDS4 Conference

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Conferences

The once-in-a-decade SIDS Conference opened in Antigua and Barbuda today, with a clear message: the world already knows the challenges that SIDS face—now it’s time for action.

King Charles III of Britain addresses the opening ceremony of the Fourth International Conference on Small Island Developing States, May 27, 2024. Credit: Alison Kentish/IPS

King Charles III of Britain addresses the opening ceremony of the Fourth International Conference on Small Island Developing States, May 27, 2024. Credit: Alison Kentish/IPS

ANTIGUA, May 27 2024 (IPS) – “This year has been the hottest in history in practically every corner of the globe, foretelling severe impacts on our ecosystems and starkly underscoring the urgency of our predicament. We are gathered here not merely to reiterate our challenges, but to demand and enact solutions,” declared Antigua and Barbuda Prime Minister Gaston Brown at the opening of the Fourth International Conference on Small Island Developing States on May 27.

The world’s 39 small island developing states are meeting on the Caribbean island this week. It is a pivotal, once-a-decade meeting for small states that contribute little to global warming, but are disproportionately impacted by climate change. The Caribbean leader reminded the world that SIDS are being forced to survive crises that they did not create.

“The scales of equity and justice are unevenly balanced against us. The large-scale polluters whose CO2 emissions have fuelled these catastrophic climate changes bear a responsibility—an obligation of compensation to aid in our quest to build resilience,” he said.

“The Global North must honor its commitments, including the pivotal pledge of one hundred billion dollars in climate financing to assist with adaptation and mitigation as well as the effective capitalization and operationalization of the loss and damage fund. These are imperative investments in humanity, in justice, and in the equitable future of humanity.”

Urgent Support Needed from the International Community

United Nations Secretary General Antonio Guterres told the gathering that the previous ten years have presented significant challenges to SIDS and hindered development. These include extreme weather events and the COVID-19 pandemic. He says SIDS, islands that are “exceptionally beautiful, exceptionally resilient, but exceptionally vulnerable,” need urgent support from the international community, led by the nations that are both responsible for the challenges they face and have the capacity to deal with them.

“The idea that an entire island state could become collateral damage for profiteering by the fossil fuel industry, or competition between major economies, is simply obscene,” the Secretary General said, adding, “Small Island Developing States have every right and reason to insist that developed economies fulfill their pledge to double adaptation financing by 2025. And we must hold them to this commitment as a bare minimum. Many SIDS desperately need adaptation measures to protect agriculture, fisheries, water resources and infrastructure from extreme climate impacts you did virtually nothing to create.”

Antigua and Barbuda Agenda for SIDS (ABAS)

The theme for SIDS4 is Charting the Course Toward Resilient Prosperity and the small islands have been praised for collective action in the face of crippling crises. Their voices were crucial to the establishment of the United Nations Framework Convention on Climate Change and the landmark 2015 Paris Agreement.

Out of this conference will come the Antigua and Barbuda Agenda for SIDS (ABAS). President of the UN General Assembly, Dennis Francis, says that programme of action will guide SIDS on a path to resilience and prosperity for the next decade.

“ The next ten years will be critical in making sustained concrete progress on the SIDS agenda – and we must make full use of this opportunity to supercharge our efforts around sustainability,” he said.

The SIDS4 conference grounds in Antigua and Barbuda will be a flurry of activity over the next four days. Apart from plenaries, there are over 170 side events hosted by youth, civil society organizations, non-governmental organizations, and universities, covering a range of issues from renewable energy to climate financing.

They have been reminded by Prime Minister Gaston Browne that this is a crucial juncture in the history of small island developing states, where “actions, or failure to act, will dictate the fate of SIDS and the legacy left for future generations.”

IPS UN Bureau Report

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