OECS calls for crucial climate change funds

Environment Ministers of the Organisation of Eastern Caribbean States (OECS) have called for the United Nations Development Fund to move quickly in making resources available under the Loss and Damage Fund ahead of the 2024 Hurricane Season.

The Loss and Damage Fund is a financial mechanism designed to provide crucial support to vulnerable nations facing the brunt of climate-related challenges.

In recent years, severe hurricanes, such as Hurricane Irma in 2017—a Category 5 hurricane packing winds of 177 miles per hour—caused severe destruction in several OECS Member States.

The OECS said such catastrophic events induced by climate change have increased the need to make Loss and Damage funds accessible to member States through reputable regional institutions such as the Caribbean Development Bank.

“This would allow islands within the region to receive emergency funds efficiently. The OECS would like this fund to be fully functional and accessible to ensure timely and effective recovery efforts for affected communities in Member States and to ensure that people receive the necessary resources to rebuild their lives and livelihoods,” a release from the organisation said.

Sir Molwyn Joseph, Antigua and Barbuda’s Minister of Health, Wellness, and the Environment, has been at the forefront of these advocacy efforts and expressed concern that there is an attempt to link climate mitigation and adaptation with loss of damage.

At an OECS ministerial caucus on February 20, he highlighted the critical need for mechanisms that provide swift access to funds following climate-related disasters.

Sir Molwyn stated: “The problem we’ve had in the Caribbean is that every time small island developing states begin to make economic advancements, a disaster occurs and creates a setback for these economies.”

He further stated that “small island developing states need to advocate with the intensity and scope that resulted in the agreement to establish the loss and damage fund.”

In the BVI, the Dr Natalio Wheatley administration has been engaged in its own push for climate change financing, with many calls for larger, richer nations to pay their fair share to smaller nations who suffer most from the climate crisis.

Recently, the Premier announced that the UK has expressed that they are open to establishing a climate change fund to assist BVI and other Overseas Territories that are grappling with the global threat.