Samuda calls for reform to better enable climate change financing for developing states

Minister in charge of the environment Matthew Samuda says it's time for action to reform global financing so states like Jamaica do not have to satisfy the "irrational" need to justify their vulnerability to climate change.

"The task before us is not impossible, but the longer we spend talking instead of acting to resolve these challenges makes the mountain peak gradually steeper," Samuda said in a presentation yesterday at the 2023 Latin America and the Caribbean Climate Week talks, which are ongoing in Panama. 

Samuda said small island developing states (SIDS) and low-lying countries continue to be faced with the harsh reminder that climate change is real with impacts that are far-reaching. 

"Our impact from and exposure to climate and weather extremes such as increased drought conditions, periods of intense rainfall and stronger storms, and to slow onset events such as sea level rise and increasingly high temperatures threaten our path of success to meet goals of sustainable development towards a low carbon and climate resilient society," he said. 

But, existing available funding is "inadequate and limited" to address the challenges and meet targets such as those in the Paris climate agreement, Samuda argued.

Among a series of suggestions, the minister said the Green Climate Fund and the Global Environment Facility, two key global financing mechanisms, should "earnestly" explore establishing a special allocation for SIDS and least developed countries (LDCs).

"The access to funding facilities to tackle climate change is often hindered by an irrational need for the justification of the vulnerability of SIDS and LDCs as... it should now be extremely clear for the world to see how climate change threatens our very existence. The inhibitions and delays to access the funding need to be removed," Samuda said. 

Jamaica recently engaged the International Monetary Fund for a US$764-million resilience facility that is expected to, among other things, drive public-private financing to support climate-related investments.

But, Samuda said while the support under that facility is large, it is still “way below the adaptation needs of the country”.

"Despite Jamaica having reduced debt burdens and improving domestic resources, we are not there yet. We have a far way to go. The lack of international finance severely limits our ability to invest in critical measures to minimise the impacts of extreme weather and other shocks," he said. 

Jamaica and CARICOM have been demanding changes to the global financial system to enable more funds and easier access to flight climate change.

The Latin America and Caribbean Climate Week event is one of four regional climate weeks being held this year to build momentum ahead of the UN climate change conference COP 28 in Dubai set for November 29 to December 12.

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