With autumn now upon us, it is almost time for the annual meeting of the Conference of the Parties (COP). The big leagues event where government ministers, non-government organisations (NGOs), activists, scientific experts, companies, and others, gather to negotiate critical decisions about the global response to climate change. This year’s conference, COP29, takes place from 11 to 22 November in Baku, Azerbaijan. For the Caribbean, which has faced a difficult year of extreme weather events, it presents a significant opportunity to secure a better climate future.
COP – a history
The origins of COP lie in an international treaty called the United Nations Framework Convention on Climate Change (UNFCCC), also referred to as “the Convention”. Established in 1992, the Convention was created after the issue of global warming became increasingly apparent to governments. To date, it has been signed by 197 Parties comprising of 196 states and the European Union. Underpinning the Convention is the shared belief that signatories must not allow climate change to reach dangerous levels.
Groundbreaking decisions have emerged from former COPs. COP21 in Paris, France, birthed the Paris Agreement which determined that global average temperature increase should not exceed 2 degrees Celsius more than pre-industrial levels. Ideally staying below 1.5. This specific goal remains the driving force behind most climate policies and initiatives across the world today. With reduction of greenhouse gas emissions (climate mitigation) and adjusting to withstand the impacts of climate change (climate adaptation), being two key solutions.
Past COPs have also spotlighted the unique difficulties many Caribbean and other small islands – collectively referred to as small island developing states (SIDS) – experience from climate change. For instance, at COP26 in Glasgow, Scotland, SIDS emphasised the need for a climate financing facility to address loss and damages from climate-exacerbated disasters, such as hurricanes. There is a strong moral argument favouring such measures. SIDS have contributed less than 1% to the global greenhouse gas emissions that cause climate change, yet they are more vulnerable to consequent hazards like increased rainfall intensity, sea-level rise, and rising temperatures.
Climate priorities for the Caribbean ahead of COP29
Several outlets are calling COP29 "the finance COP", as accessible climate finance for developing countries will be high on the agenda. Therefore, this year’s event is all the more important for Caribbean countries. Many of them cannot afford the large investments needed to protect themselves from climate change. While COP15 in Copenhagen, Denmark, promised to give developing countries US$100 billion in annual funding, this has yet to materialise.
Subsequently, insufficient finance has put the Caribbean in a very precarious position. Since it is already a low emitting region, climate adaptation and resilience are its priorities. However, climate adaptation is very costly as it involves constructing new infrastructure, systems, and technologies. Meanwhile, the risks of climate change are not going anywhere. In 2024 alone, St Vincent and the Grenadines grappled with extreme heat and drought followed by the disaster that was Hurricane Beryl.
So, it is clear that climate finance will also be a priority for the Caribbean at November’s finance COP. Generous financing can help to achieve the adaptation and resilience changes required to protect its economy, environment, and ecosystems.
Negotiations
Securing a better climate future at COP29 will not be as simple as negotiating for a bigger pot of money:
· First, there must be emphasis on securing finance that is accessible. Finance has been a major constraint to adaptation progress in the Caribbean and much of the challenge derives from the extensive time it takes to get approved for funds. Current processes, such as those of the Green Climate Fund (GCF), progress too slowly to be able to support urgent projects. Yet, extreme weather events, like hurricanes, inherently require urgent solutions.
· Second, debt cancellation is a request that was recently reiterated by several Caribbean countries following Hurricane Beryl, as many have high levels of debt. It could be an especially powerful approach because it would unlock fiscal funds. Allowing them to be redirected quicker than the longwinded application processes of many climate funds. Broadened fiscal space could actually be the preferable option in some cases because governments will have a greater degree of control over spending decisions.
· Third, the Caribbean, along with other SIDS, can continue to build on advancements made during COP26 and COP27 to establish a standalone loss and damage fund. It goes without saying that the region must advocate for this to be set up to match the urgency of loss and damages resulting from extreme weather events.
· Lastly, Caribbean countries can once again raise the issue of unequal distribution between mitigation and adaptation financing. As mentioned earlier, adaptation is the main way that they can manage climate change. However, it continues to be underfunded, posing a great risk to islands that need to adapt to the threat of sea-level rise, among other things.
Conclusion
Caribbean governments should certainly lean into the finance theme of COP29 in their endeavours to pursue more secure and resilient climate futures. It is the perfect time for their voices to be heard on the issues that affect them the most. The history of COP contains many successes and failures. Going into COP29, Caribbean leaders already have clearly defined needs. This, combined with effective negotiations, can definitely set them on the path to success.
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