Dominica Calls For Climate Finance Reform To Address Small Island Vulnerabilities At COP29

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 20. As a small island developing state, we are among the most vulnerable to the impacts of climate change, said Dominica's Minister of Environment, Rural Modernization, Kalinago Upliftment, and Constituency Empowerment Cozier Frederick as he addressed the COP29 summit, Trend reports.

"Dominica faces major threats despite contributing minimally to global greenhouse gas emissions. Increased frequency of extreme weather events directly jeopardizes our ecosystems, economy, and the daily lives of our people," he said.

Frederick detailed how these climate impacts severely affect national food security and tourism, critical components of the country's development. He emphasized the profound consequences that climate change poses to Dominica's stability and future, stating: "The impact on us is profound, affecting our national food security and tourism, all of which are essential aspects of our development and stability."

Pointing to Dominica's efforts to adapt and build resilience, Frederick noted that the island, which suffered catastrophic losses from Hurricane Maria in 2017, is striving to become the world's first climate-resilient nation. "In response to Hurricane Maria, which destroyed 226 percent of our GDP overnight, we have invested heavily in resilience, infrastructure, and human capacity," he explained. "We have mainstreamed resilience across the public sector and created policies to guide us. We have also invested in geothermal energy as an alternative to fossil fuels."

Despite these investments, Frederick stressed that such initiatives are expensive, and called for stronger global financial support. "Whenever major events affect us, we are always forced to use our limited financial resources," he said. "We need stronger financial support for adaptation and resilience. This will safeguard our future and preserve our unique natural and cultural features."

Dominica's Minister also called for a revision of climate finance goals, advocating for the replacement of the previous $100 billion annual target. He expressed strong support for the Caribbean community's ongoing call to double climate finance from 2019 levels by 2025, in line with the Paris Agreement. However, he voiced disappointment that the adaptation fund has fallen short of its targets, and that developed countries have not yet fulfilled their pledge to double their contributions.

"We are not satisfied with the adaptation fund falling short of its contribution targets," Frederick said. "Developed countries must stay true to their pledges. We must also build on the foundation of the loss and damage fund established at COP28 to enhance its financial reach and operational structure."

He also called for a transparent and inclusive process for accessing these funds, ensuring quick and effective assistance for those hardest hit by climate impacts. "This will facilitate quality, quick, and effective assistance to all of us hardest hit," he stressed.

Frederick further underscored the importance of transitioning from adaptation planning to implementation, in line with the broader global climate agenda. With COP29 coinciding with global discussions on biodiversity and land degradation, he emphasized the need for a holistic approach. "These promote a holistic approach that ties climate action to ecosystem health and community resilience," he noted, advocating for a comprehensive strategy that integrates climate action with broader environmental goals.

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