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CARICOM speaks out on Climate Change, looking to May meeting to amplify call for Climate Funding
March 3, 2024
The Caribbean Community (CARICOM) remains on the frontlines of global climate crisis, an issue the Region has been aggressively advocating on for the past thirty years. Despite the many commitments and promises of international partners, the window of opportunity to limit global warming to 1.5 degrees Celsius above pre-industrial levels is rapidly closing.
Heads of Government are concerned that while COP 28 was widely regarded as a historic event, with the completion of the first global stocktake (GST), on progress in achievement of the Paris Agreement goals, the outcomes of GST show that emissions of greenhouse gases continue to rise and the nationally determined contributions (NDCs) of Parties will not keep global temperatures below the 1.5 degree goal enshrined in the Paris Agreement.
Heads of Government also expressed concern to be heading to COP 29 where a New Finance Goal will be articulated to replace the 100bn goal, which has not yet been met, even as developing countries require trillions to deal with the escalating impacts of climate change. Developed country parties have not provided enough finance at scale, technology and capacity building support required to help developing countries tackle their pressing needs to build their resilience, especially in adapting to the adverse and increasingly catastrophic impacts of climate change. The
clear absence of definitive timelines for action and quantitative commitments for scaling up of investments, and particularly adaptation finance emerging out of COP 28, cause great concern to our Region.
The Conference noted that Small Island Developing States (SIDS), recognized as the most vulnerable group of countries and a special case for sustainable development, have been facing strong push back against the recognition of their special circumstances especially in the context of climate finance. There is limited international support for special allocations for SIDS within financing arrangements and available climate finance from international and private sources is limited, expensive and too onerous to access.
In light of the preceding, Heads of Government called for CARICOM to take a strategic, unified and coordinated approach to ensure that the Region remains influential in the climate and development arena through engagements with key partners and advocacy groups.
They called for renewed focus by the Region to advocate for inclusion of forests, nature-based solutions and blue carbon into market mechanisms with the aim of articulating clear regional positions and strategies.
Heads of Government reiterated the call for improved readiness programmes, simplified approval procedures, a change to the criteria for determining access to low-cost finance, and for the adoption of programmatic approaches to address the bottlenecks in accessing finance.
The Region reiterates its support for the Bridgetown Initiative’s call to expand capital adequacy of international financial institutions.
Heads recognized that the Fourth International Conference on Small Island Developing States, scheduled to be held in Antigua and Barbuda, 27 – 30 May 2024, will be an inflection point for many of these discussions to be articulated. As such, the Region remains committed to participating in the Conference at the highest level.
Nelson Mandela showed us the extraordinary difference one person can make in building a better world.
And as the theme of this year’s Nelson Mandela International Day reminds us – combatting poverty and inequality is in our hands.
Our world is unequal and divided.
Hunger and poverty are rife.
The richest one per cent are responsible for the same quantity of planet-wrecking greenhouse gases as two-thirds of humanity.
These are not natural facts. They are the result of humanity’s choices. And we can decide to do things differently.
We can choose to eradicate poverty.
We can choose to end inequality.
We can choose to transform the international economic and financial system in the name of equity.
We can choose to fight racism, respect human rights, combat climate change, and create a world that works for all humanity.
Every one of us can contribute – through actions large and small.
I join the Nelson Mandela Foundation in urging everyone to perform 67 minutes of public service on Nelson Mandela International Day – one minute for each year he fought for justice.
Together, let’s honour Madiba’s legacy and turn our hands towards building a better world for all.
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AfriCaribbean Trade and Investment Forum (ACTIF2024) set to strengthen Africa-CARICOM linkages
Speakers at ACTIF will include global superstars Viola Davis, Serena Williams, Didier Drogba and African and CARICOM Heads of States
Nassau, Bridgetown, Georgetown, May 28, 2024 – Excitement mounts as The Bahamas prepares to host the Afreximbank Annual Meetings (AAM) and the AfriCaribbean Trade and Investment Forum (ACTIF) from 12 – 14 June 2024 in The Bahamas. Themed “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa,” ACTIF2024 is set to forge significant pathways for economic prosperity between Africa and the Caribbean.
Other distinguished speakers will include Heads of State from seven CARICOM countries, former Prime Ministers, Ministers of Trade,
Economic Development and Finance, Dr. Roger W Ferguson, Former Vice Chair of the Federal Reserve, USA, Prof. Andreas Klasen, Professor of International Business and Director of the Institute for Trade and Innovation at Offenburg, and many more.
Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said: “We are witnessing shifts in the global economic landscape and the trade strategies of major economies, making it imperative for African and Caribbean nations to unite for mutual prosperity. The Afreximbank Annual Meetings and AfriCaribbean Trade and Investment Forum in The Bahamas will serve as a strategic platform to enhance our economic bonds. These events indicate a vibrant assertion of our shared destiny. We are poised to harness the dynamic economic growth within our regions, enhancing our collective resilience and prosperity.”
The event promises to be a pivotal platform for high-level discussions on economic development and regional integration.
Building on the successes of the inaugural AfriCaribbean Trade and Investment Forum held in Barbados in 2022 and the gathering last year in Guyana, this year’s Forum in The Bahamas will further elevate and expand upon the discussions and initiatives previously set in motion. ACTIF2023, which focused on strengthening economic bonds and creating new investment opportunities, sets a precedent for meaningful collaboration between Africa and the CARICOM nations.
Afreximbank invites industry leaders, trade organisations and other stakeholders in the CARICOM region to participate and attend.
Registration is now open at https://2024.afreximbankevents.com.
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