7 NOVEMBER 2022
The Caribbean Community Climate Change Centre (5Cs) is throwing its weight behind safeguarding the introduction of a financial mechanism for loss and damage and progress on scaled-up financing for adaptation, at this year’s United Nations Climate Change Conference (COP27).
COP27, which got underway in Egypt yesterday (Sunday, November 6), sees the participation of global leaders, members of the scientific community and civil society stakeholders, including those from the Caribbean, who are gathered to discuss and negotiate current climate change realities.
“It is important that as we consider loss and damage, that there be a financial mechanism via which proceeds can be accessed and the requisite financial aid be deposited into the region and other countries that are suffering,” noted Dr. Mark Bynoe (pictured).
Bynoe is Assistant Executive Director for the 5Cs, which coordinates the Caribbean’s response to climate change, working on effective solutions and projects to combat its environmental impacts and global warming.
Specific financial provisions for loss and damage are seen as especially important for Caribbean SIDS, given their vulnerability to the variety of climate risks and threats, including extreme hurricanes and droughts – and from which they have suffered loss of lives and millions of dollars in damage over recent years.
As for scaled-up adaptation financing, Bynoe explained that developed countries must fulfil their US$100 billion obligation.
“The US$100 billion by 2020, when it was agreed, was seen as the floor. It is now seen as the ceiling. Even the most creative of accounting has shown that they have not achieved that. The last that we saw from the Climate Policy Institute is them coming in at US$83.3 billion; and this includes everything under the sun. So even with that, you find that they are US$17 billion short ... They still have some way to go,” said the environmental economist.