How SIDS Can Hold Major Banks and Wealthy Nations Accountable for Climate Finance Commitments

Recently, at Jamaica’s National COP30 Consultation, Minister Matthew Samuda met with experts like Dr. Milton Clarke from the Jamaica Social Investment Fund and Dr. Kishan Khoday from the UNDP. They discussed a pressing issue: international lenders seem to be stepping back from their promises to support developing countries in tackling climate change.

Many Jamaicans might not be focused on this issue right now, with the upcoming general election dominating headlines. While political promises are flying around, climate change is often overlooked. However, it’s crucial. Ignoring it can threaten our way of life.

We’re already seeing the effects. For instance, in February 2022, Jamaica faced its worst recorded drought. Just a year later, we experienced the third-worst drought and a historically wet November. These fluctuations in weather pose serious challenges to our agriculture and overall well-being.

Hurricanes have also been more intense. Last July, Hurricane Beryl became the earliest Atlantic hurricane to reach Category Five strength and caused significant destruction across the Caribbean, including in Jamaica. The reality is, as climate change progresses, we’re likely to see more such extreme weather events.

In fact, NASA recently reported that sea levels have risen over four inches since 1993, and this rate has doubled in the last 30 years. With 70% of Jamaica’s population living near the coast, even a small increase in sea level can lead to major problems. Rising seas can impact homes, roads, agriculture, and overall public health.

To combat these challenges, Jamaica has made some strides. The government created a Climate Change Policy Framework in 2015, which includes a climate catastrophe bond to provide insurance during hurricane seasons. A second bond was announced last May, covering the next few hurricane seasons. While this is a step forward, it’s primarily focused on hurricanes.

Despite these measures, Jamaica and other small island developing states still face vulnerabilities due to climate change. Building resilience is costly, and it’s essential for us to hold wealthier nations accountable for their climate finance commitments. They previously vowed to provide $300 billion annually by 2035. While this figure may not be enough, it’s a starting point, especially with the COP30 conference coming up in Brazil this November.

As conversations around climate change continue, it’s vital for everyone to stay informed. Small actions can lead to bigger changes, and understanding the problem is the first step toward finding solutions.

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