Caribbean leaders at the helm of 2022 United Nations Climate Change Conference

BY PAUL JUNOR

The 2022 United Nations Climate Change Conference, otherwise known as COP27 was held in Sharm El-Sheikh, Egypt from November 6th–18^th, 2022. There were over 33,000 people from more than 400 states or organizations who were part of this annual event. There were leaders from: 200 countries present, policymakers, politicians, scientists, academics and climate change activists.

There are many hurdles that governments face in trying to accomplish the goal of the Paris summit, which hopes to limit the increase in global average temperature to 1.5 C.

There have been concerns about what is happening to Caribbean nations as many are on the verge of sinking. It was reported that Caribbean nations have emerged as innovators in climate change this year, getting more direct in calls for compensation.

Barbados announced a plan in September to restructure some of its debt in a way that will help pay for conserving the ocean. These bold appeals to secure increased climate finance for some of the most vulnerable counties rely on an undeniable fact: small-island nations bear virtually no responsibility for the planet-warming pollution that’s intensifying storms and pushing up the seas.

In her opening speech, Mia Mottley, Prime Minister of Barbados, pushed heads-of-government to formulate concrete actions in order to ensure that they are making a difference in combatting climate change. She mentioned that the COVID-19 vaccine was developed within two years of the global pandemic and a global effort by nation-states can result in actions.

Mottley is concerned about the power that the global north wields over the global south through its exploitation of global industrial strategy. She mentioned that interest rates are offered to those in the global north at one to 4%, while those in the global south are charged up to 14%. She is convinced that a climate mitigation trust can release $5 trillion dollars of private sector savings if governments are able to exercise the power to use the SDRs (Special Drawing Rights). SDR was created by the IMF in1969 to increase member countries’ official reserves.

Furthermore, Mottley believes it is important that the issue of “Loss and Damage” be addressed. With respect to climate change, this would ensure that actions are taken to avoid, reduce and deal with its effects. She believes that for it to be effective, it is necessary to go beyond Heads-of-State in order to ensure correct action is done.

Phillip Davis, Prime Minister of the Bahamas states, “What I am looking forward to, first of all, is an acknowledgment that the industrialized world that became wealthy as they are today was a direct result of fossil fuels and coal.” The Bahamas is interested in selling “blue carbon credits.” This is linked to the ocean and it would ensure that coastal ecosystems, such as seagrass store carbon dioxide. Davis states, “Our seagrass, our mangroves, coral-we have become one of the largest carbon sinks of the world. We think it’s time for us to be paid for it.”

There is much hope that Nationally Determined Contributions (NDCs) and national plans will be formalized at COP27.