Glasgow, November 13 – The head of Barbados’s delegation to the COP26 climate summit, Minister in Economic Affairs and Investment Marsha Caddle, has also helped lead the Alliance of Small Island States (AOSIS) to secure strong financial commitments in the COP outcome decision to address the climate crisis.
AOSIS is a grouping of 39 small island countries from the Caribbean and Pacific, along with those in the African, Indian Ocean and South China Sea (AIS) region. The Alliance negotiates as a bloc in international climate change and sustainable development negotiations and processes, and is largely credited with having put on the table the 1.5 degree target the world has now said must be met for people and planet to survive.
Speaking from Glasgow moments after the final decision text was agreed on Saturday, Minister Caddle said “I was honoured to have been asked to act as AOSIS Ministerial lead on finance during these negotiations. AOSIS colleagues and many other countries rallied around the Barbados proposal to identify the use of unused Special Drawing Rights from countries that are major emitters to finance mitigation and adaptation in climate vulnerable countries. What does this mean in real terms? Countries that do not need these resources contribute it to fund projects that both help us to adapt to climate change in sectors like water and agriculture, or to finance investments in projects that reduce emissions, like renewable energy.”
The Minister explained that it was only through the use of new financial instruments like these that the world could meet the scale of investment needed to reduce greenhouse gas emissions with the speed required, and avert worsening disasters like drought and more intense, catastrophic hurricanes.
She added that the $100 billion annually promised in climate finance by 2020 was not reached, and it was clear now would not be reached until 2025, but even were it to be met, it would not begin to fill the finance gap. “The fact that we managed to get 197 countries to agree to bring in new instruments for new and additional finance means that the world is now working to match finance with ambition. This is separate from the collective doubling of adaptation finance that we also managed to secure as an outcome in this decision, along with a 5% of the share of proceeds from carbon markets that are to go to fund adaptation.”
While acknowledging the work of the UK presidency, institutions and countries that worked towards common solutions, Minister Caddle pointed out that there was far more to be done. “Finance for loss and damage has not received its due consideration and action. I suspect that this will be another area where SIDS must continue bringing our own solutions to help move the world along. In many ways we are too wedded to process over all else, and I would like to see these climate negotiations better prioritize real outcomes for the majority of people over processes that perhaps benefit a few. We are getting there. For now, though, we intend to build on these successes and the partnerships that helped achieve them.”
Caddle also thanked the AOSIS negotiators and the Barbados technical team led by veteran climate negotiator Dr. Hugh Sealy, pointing out that small islands mean small delegations that have to cover a lot of ground at the same time, unlike larger countries with more resources to send large numbers. She ended “But as usual, the small states and our talented teams manage to get it done, because we have to.”
