Climate change is a real threat to the lives of all Barbadians, says Minister of Environment, National Beautification and the Blue and Green Economy Adrian Forde.
Speaking in the House of Assembly on Tuesday, he said it was this threat that led to the establishment of the Bridgetown Initiative which carves out the fiscal space to allow small island development states like Barbados to be able to access finance at concessionary rates in the aftermath of natural disasters which lead to critical loss or damage.
He told the Lower Chamber at the resumption of debate on the Debt (Natural Disaster and Pandemic Deferment of Payment) (Miscellaneous Provisions) Bill, 2023 that the legislation gave countries like Barbados the “financial elbow room” in the recovery phase from disaster.
The Bill makes provisions for deferment of the payment of amortisations and interests due on debt, on the occurrence of a natural disaster or a pandemic event under certain circumstances.
Forde noted that Barbados had endured the vagaries of climate change this year alone with the hottest day recorded followed by flooding caused by heavy rainfall.
Noting that the world is faced with a triple threat of loss of biodiversity, climate change and pollution, the Member of Parliament for Christ Church West Central added: “The three of those things could destroy life as we know it.”
“What we have experienced in the last couple of years is enough to bring a level of understanding to those doubtful Thomases, those who believed that climate change is just a misnomer. I have heard it from the mouths of presidents overseas…but we are living proof of the realities of climate change.”
According to Forde, the new innovative way of financing allows Barbados and countries in a similar position to lean on international multinational lending institutions like the World Bank for lower interest rates and be able to benefit from funds at rates now enjoyed by the more developed countries.
“It is for us to be able to bring a level of equity and for us to form part of the conversation as small island developing states,” he added.
Forde congratulated those who had a hand in the crafting of the initiative and those others who worked tirelessly to ensure there is a financial space for Barbados and others worldwide to counter chronic loss and damages.
Minister Forde said the commitment of US$100 billion from the climate fund will not take countries like Barbados where they need to go.
“For us, especially those in the tropics that is just the flooring. The ceiling to really help us in terms of rebuilding after these disasters goes up to trillions of dollars,” he said. “Climate change is real. We have two billion living in the tropics and out of those we contribute less than a third of the total greenhouse gases that affect the layer that seeks to protect us from the UV rays of the sunlight, but we face the worst effects of these natural disasters.
“….That is why the deferment of payment and this resolution are so important to us small island developing states. If we are able to defer, it gives us that breathing room, that ability for us to extend ourselves and regroup and come again with vibrancy.”
In his contribution, Minister of Foreign Affairs and Foreign Trade Kerrie Symmonds noted that deferment of debt payment is about creating room for policymakers in a situation where there is a disaster, the senior minister spoke about beaches disappearing due to attrition and a chicken industry badly affected by prolonged heat conditions.
He said the Bridgetown Initiative and the idea of deferment of payment have now gone global.
“When we began this, we had no way of knowing that non-governmental organisations like the United Kingdom Export Credit Agency would buy into the idea and align their national policy with a policy from Bridgetown,” Symmonds said.
Singing Prime Minister Mia Mottley’s praises for her bold, innovative, macro-finance approach and for catapulting Barbados onto the world stage, championing global thought leadership and moral strategic leadership, he added: “We have a Prime Minister who has now said to the world, consider what you are doing and look at yourself carefully and ask yourself, ‘can we do it better’?”
(SP)
