Editorial Staff
27/05/24 11:45

Editorial Staff
27/05/24 11:45

Efforts needed to reform global financial systems to support SIDS-Guterres

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UN Secretary-General António Guterres

UN Secretary-General António Guterres has told the world that Antigua and Barbuda’s unique geography puts it at the mercy of climate chaos, rising sea levels and land degradation.

Guterres delivering remarks at the official opening ceremony of the SIDS4 conference, currently underway in Antigua and Barbuda

“Climate change is an existential crisis for the entire human family, but SIDS are on the front lines,” he told the thousands gathered at the American University of Antigua Monday.

“And your unique economic profile — including your reliance on imports, and the cost and complexity of your supply chains — makes you extremely sensitive to global economic shocks,” he said 

He says the past decade has been tough for Small Island Developing States (SIDS), especially since they have faced record hurricane seasons, intense cyclones, and the devastating impact of the COVID-19 pandemic.

According to him, these challenges have hindered their development progress.

SIDS Guterres said are also affected by global economic turmoil and geopolitical tensions, making it harder for them to achieve sustainable development.

The new Antigua and Barbuda Agenda for SIDS outlines steps to achieve resilient prosperity in partnership with the international community.

The United Nations supports SIDS in their goals to address the impacts of the climate crisis, build resilient economies, and create healthy and prosperous societies.

Guterres said SIDS need support from the international community, especially from countries with the greatest responsibility and capacity to address the challenges they face.

Climate justice is crucial he said especially as the world is nearing the 1.5-degree limit for global heating, and exceeding this limit could have irreversible and dangerous impacts, especially for SIDS.

SIDS have been leaders in climate action, and their efforts have led to important agreements. They continue to call for action from major economies to cut emissions, according to Guterres

Financial justice is also important for SIDS he said and they need support to adapt to climate impacts and address loss and damage. Many SIDS are struggling with high levels of debt, which limits their ability to invest in sustainable development.

Efforts are needed to reform the global financial system to better support developing countries, including simplifying processes to access finance and revisiting rules for concessional financing.

It’s essential to provide effective debt relief and create a fair financial system that prioritizes the interests of developing countries.

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