Empowering the Caribbean: Charting a Course for Climate Resilience and Climate Justice at COP28
The goals set by the Paris Climate Agreement to limit climate crisis global temperature rise, are not only attainable but still within our grasp. This is according to the State of Climate Action 2023 roadmap published under Systems Change Lab.
The document highlights that the last decade witnessed a remarkable plunge in the cost of renewable electricity, surpassing predictions and leading to an unprecedented surge in deployment. This is good news for transitioning to carbon emissions-free energy generation.
What does this mean for the coming years? We have the power, quite literally, to more than triple our solar and wind energy capacity by 2030, aligning perfectly with ambitious net-zero scenarios to limit climate change. The key lies in maintaining the current exponential pace.
This is a challenge the CCSA is ready to embrace here in the Caribbean by closing climate finance gaps for the energy transition and broader efforts to reduce carbon emissions and adapt to climate change. It is why attending the 28th session of the UN Climate Change Conference, COP28 this year is incredibly important for us.
COP and why it matters
The United Nations Framework Convention on Climate Change (UNFCCC), signed in 1992, aims to limit climate change from human interference. Its COP (conference of the parties) meetings annually convene representatives from the convention’s parties to assess progress, negotiate agreements, and discuss actions. Notably the Kyoto Protocol (1997) with binding emission reduction targets and the Paris Agreement (2015) framing global cooperation on climate change mitigation and adaptation.
At this year’s COP28, A Global Stocktake detailing the progress made, shortfalls and needs of all countries in meeting their climate action targets will be completed. This is significant to provide a way forward for the radical changes to be made by 2030.
The CCSA team at COP28
Our dedicated team, featuring the esteemed UNFCCC Global Ambassador Racquel Moses, Finance Innovation Director Cheryl Senhouse, and Director of Public Sector Projects, Kiesha Farnum, is poised to make waves at COP28. Three pivotal objectives guide our endeavours at COP28:
Innovative Financing for Impact
The CCSA aims to attract and track fit-for-purpose financing to the region, ensuring it aligns seamlessly with the unique needs and stages of climate-smart projects in the Caribbean. Our special focus on project-preparation funding aims to propel projects to bankability and readiness for investment.
The upcoming ninth Investor Forum, scheduled for December 1, 2023, from 11:00 am to 12:30 pm GST at the CARICOM Pavilion, plays a pivotal role in advancing our objectives. We will not only host discussions but also forge connections with potential financiers for projects in support of Caribbean Small Island Developing States, (SIDS).
Showcasing the CCSA Climate Smart Map and other Cutting-edge Solutions
We’re set to unveil the Caribbean’s innovative approaches and technologies to combat climate change, proudly introducing our very own Climate Smart Map. This visually rich and data-driven tool will empower potential investors to easily identify needs and gaps across sectors in each of our coalition countries, fostering a comprehensive understanding to achieve climate-related targets.
Advocacy for the activation of the Loss and Damage Fund
According to a 2023 European Union (EU) report on greenhouse gas (GHG) emissions of all countries, China, the United States, India, the EU 27, and Brazil are responsible for 61.6% of global GHG emissions. For most countries in the Caribbean their GHG contribution is so miniscule it is recorded at zero percent in the same report, with Trinidad and Tobago registering the highest at 0.09 percent – still under one percent.
Despite this tiny contribution to the problem, our countries are among the most vulnerable to extreme hurricanes, droughts, floods, sea level rise and heat waves caused by the climate crisis. We are also among the most indebted countries in the world, owing in part to inability to quickly recover from these same impacts.
At COP27 a historic Loss and Damage fund was agreed on for mainly developed countries, responsible for the most emissions, to compensate countries in the developing world for loss and damage caused and help them prepare for future climate impacts.
At COP28, the CCSA will join governments of its 28 coalition countries in calling for climate justice through the activation of the Loss and Damage Fund.
Positive momentum for Caribbean Climate Action
In the Caribbean, our countries continue to work towards our own climate commitments in transitioning to renewable energy, pursuing nature conservation and protection, addressing waste management, developing climate-smart agriculture, increasing regional collaboration to share resources and developing strategies to finance these changes.
In this regard, COP provides an unmatched opportunity to meet with potential investors, potential and existing partners, leaders and climate negotiators in our coalition countries, climate advocacy organisations and NGOs. By hosting, co-hosting and attending several events the CCSA will build the necessary relationships to accelerate climate resilience and climate justice in the region. Join as we grasp a brighter future for the region.
Follow our social media channels and visit our COP28 web page for updates on CCSA activities for the duration of COP28, which takes place from November 30 to December 12, 2023 in the United Arab Emirates.
To register for our ninth Investor Forum click here.
