Antigua and Barbuda came in for high praises among heads of government at the recently held CARICOM Summit in the Bahamas, for its outstanding leadership as Chair of Alliance of Small Island States (AOSIS), in achieving a decision to establish a Loss and Damage fund
Although welcoming the step forward, heads of government noted that what will be delivered depended on the follow-through of the process to resource and access the Fund.
They also agreed together, to conduct high-level political advocacy amongst major economies to encourage greater ambition to limit global warming to 1.5°C above pre-industrial levels.
Heads also advocated for targeted support for CARICOM Member States to implement their Nationally Determined Contributions (NDCs), and adaptation plans as well as to support the just transitions for Member States.
‘Heads of Government requested the Council of Finance and Planning (COFAP) to ensure that the efforts underway at the global level, take account of the special circumstances of Small Island and low-lying coastal Developing States (SIDs) as well as the urgency of access to grant and concessional financing,” according to a statement from the 44th conference.
Having regard to the Bridgetown Initiative, they also requested the COFAP to factor these efforts into the deliberations on the reform of the international financial institutions ahead of Spring Meetings of the World Bank Group, thereby developing a regional approach to be approved by the Heads of Government, the statement claimed.
Heads of Government further agreed to advocate for systemic approaches for debt relief for CARICOM Member States in the context of unlocking new sources of finance for climate action and sustainable development, including robust work on vulnerability indices.
Heads of Government also agreed to present Oceans as a subject matter on the Agenda of COP 28.
They further mandated the CARICOM Secretariat to work with the UNFCCC Secretariat to complete the Needs-based Finance Assessment for the Region to adequately quantify the cost of implementation.
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