Prime Minister Gaston Browne is confident that developing countries will soon receive funding from major emitters.
Browne spoke to reporters on the sidelines of COP27 in Egypt, telling them that he is confident nations being negatively affected by climate change will receive much-needed overdue compensation.
“I have no doubt that it will happen. It is just a matter of time. It took us 30 years to get it on the agenda – it may be a baby step but it’s a step. What we have to do now is be unrelenting in our quest to ensure that the financing is established and that it is operationalized by possibly 2024 because it’s a very important fund from the standpoint of climate justice. It is an important fund to create equity in the system, and at the same time, if polluters understand if you continue to burn fossil fuels there are consequences that you have to provide some type of compensation, he said.
Browne, along with other member states believes that such action would serve as a “disincentive” to major polluters across the planet.
However, while he is confident that feels it can accelerate the planet’s transition to renewable sources of energy, some members within his own community in the Caribbean may come under the radar if such action happens.
According to the World Bank’s Global Carbon Project 2019, the latest figures for carbon dioxide emissions put T&T in second place worldwide, while Guyana, and Suriname, are under the raider.
Browne was asked whether he believes this will produce friction within the Caribbean Community.
“We do not see the issue of loss and damage addressing the issue of reparations. For us, it’s about dealing with current damage and not making the fund look retroactive to deal with past transgressions.”
Furthermore, he said small islands and developing states can no longer foot the bill of recovery from a disaster they did not contribute to.
“The issue of the loss and damage initiative that came out of the issue of having some form of climate justice is also an acknowledgment that within small island developing states (SIDs) we do not have the means in order to transition quickly and we need to more funding mechanisms so that more funds can be made available to assist SIDs with their recovery in the aftermath of disaster and at the same time to provide adaptation funding.”