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Barbados Minister Shantal Munro-Knight talks about driving climate finance and resilience at COP29. Credit: Aishwarya Bajpai/IPSby Aishwarya Bajpai (baku)Monday, November 18, 2024Inter Press ServiceBAKU, Nov 18 (IPS) - "This Finance COP has to deliver. I think this is a crucial moment for the COP process," said Shantal Munro-Knight, Barbados Minister in the Prime Minister's Office.
Barbados, a nation at the forefront of climate advocacy, continues to push boundaries at COP29, the so-called Finance COP. Knight shared her views on the state of negotiations, the urgency of climate finance, and the innovative solutions her country is championing.
She expressed cautious optimism but acknowledged the slow pace of progress.
"We have some delegations already engaged, but at the same time, we haven't moved fast enough. There's still so much to work out—whether on quantum, structure, or trust deficits. Without clear and actionable commitments, we risk falling short of what's truly needed."
Barbados has been a key player in securing the Loss and Damage Fund, a significant achievement in global climate diplomacy. Yet Knight's reflections on its progress reveal a mix of frustration and concern.
"A year later, I'm a little bit disappointed and frustrated, to be honest. We need USD 700 billion, and we're not anywhere near that amount for the Loss and Damage Fund. There hasn't been the level of commitment required to capitalize and operationalize it."
The minister also highlighted how slow mitigation efforts exacerbate the need for adaptation, which, in turn, inflates costs for vulnerable nations like Barbados.
"Things are not moving as quickly as we need on the mitigation front. That means adaptation becomes more expensive for us. And because we're not getting the scale of finance for adaptation, more of it ends up being pushed into loss and damage."
Despite global inertia, Barbados has been proactive, innovating to address climate challenges head-on. Knight detailed some of these groundbreaking efforts.
"We've introduced initiatives like debt-for-climate swaps, our Blue-Green Bank, and natural disaster clauses in agreements. We're trying to innovate on our own and call attention to what is needed. However, we still face challenges. We need both private and public capital to scale these solutions effectively."
Barbados was also the first country to access the IMF's Resilience and Sustainability Trust in 2022. "The IMF lowered interest rates on loans by 37 percent for us. That has allowed us to reinvest in climate finance and resilience building. But again, the pace of reform isn't keeping up with the scale of the crisis."
Barbados' Bridgetown Initiative, which serves as a model for financial reform, has attracted attention from all over the world. Knight sees it as a pathway for mobilizing resources and challenging developed countries to take greater responsibility.
"We're exploring new financing mechanisms like levies on the shipping and aviation industries—sectors that are significant contributors to emissions. If we're serious about mitigation, we need to start taxing these large sectors and challenging them to do more."
When asked whether Small Island Developing States (SIDS) should forge their own path given the sluggish response from developed countries, Knight emphasized dialogue and collaboration.
"We need more dialogue. A lot of developed countries are now facing domestic pressures for accountability on resource use, and some aren't pledging at all. It's about balancing those realities with the need for real investment that delivers results. Partners are essential for fostering dialogue that drives meaningful impact. As the Prime Minister puts it, the world needs more love—a sentiment often lost in formalities."
Barbados has also adopted a holistic approach to climate resilience, combining policy, infrastructure, and legislative reforms. Knight outlined this strategy.
"We've launched the Barbados Prosperity Resilience Investment Plan and the Roof-to-Reef Investment Initiative. It's a whole-of-government approach focused on five pillars of resilience building. This framework not only identifies priority areas for donor engagement but also ensures we have a coherent response to climate shocks."
The minister added, "Our strategy spans all levels, from large-scale coastal projects to household-level initiatives like strengthening roofs. It ensures collaboration across sectors such as housing, transport, and tourism. This approach has helped us allocate resources to the areas that need them most."
Ending on a powerful note, Knight reflected on the broader significance of COP29.
"This COP must deliver on rebuilding trust among national delegations and with communities. It's about showing commitment to help people not just survive but thrive. Governments and the UN system must fulfill their responsibility to create a world where thriving is a right, not just a hope."
As the world watches COP29, Barbados continues to exemplify resilience, innovation, and determination. Knight's vision is clear: bold action, meaningful partnerships, and tangible results are the only way forward. IPS UN Bureau Report
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© Inter Press Service (2024) — All Rights ReservedOriginal source: Inter Press Service
