Earth Today | Caribbean stakeholders say long way to go on loss and damage

CARIBBEAN OFFICIALS have noted the risk of undercapitalisation to the new Loss and Damage Fund, while urging prioritised collaboration to tackle the issue.

The fund is one of the celebrated wins from last year’s global climate change negotiations, COP28, intended to address climate change impacts that cannot be mitigated or otherwise adapted to. The agreement on the fund was a historic achievement for the Caribbean, with regional players instrumental in the decades-long fight to create it.

“What we got last year, as promising and impressive as it was, only represents 0.2 per cent of what is required on an annual basis for the Caribbean,” noted Dr James Fletcher, chairman of the executive board of the Caribbean Centre for Renewable Energy, in a September 19 release from Climate Analytics Caribbean.

Fletcher was speaking at the Germany-Caribbean Climate Talks event, ‘Loss and Damage in the Caribbean: The Toll of the Climate Crisis’, hosted by German Ambassador Dr Christophe Eick, special envoy for climate issues in the Caribbean, on September 17.

“The annual adaptation costs in developing countries are in the range of US$160-340 billion. We are way past the US$100-billion requirement. The estimates of the annual cost of loss and damage in developing countries alone amounted to at least US$435 billion in 2020, a figure that is expected to rise by 2030,” Fletcher said.

Held in St Lucia, the event also featured Shawn Edward, minister for education, sustainable development, innovation, science, technology and vocational training, government of St Lucia, and was facilitated in collaboration with Climate Analytics Caribbean.

With almost one year since the fund was agreed to, many countries are warning that its capitalisation – currently at a reported $661 million in country pledges – is far below the trillions needed to effectively address loss and damage.

“Our financial resources, further to technology transfer and capacity-building, to support our planning and recovery efforts from climate-related events is growing,” said Edward in the release.

“The continuous trend of rising temperatures is impacting our lives, livelihoods, our food and water security. The upcoming COP, dubbed the ‘Climate Finance COP’, will bring the issue of implementation and tangible climate action into sharp focus,” he added.

“We need support from essential development partners. We need global and decisive leadership on climate finance, and we need it now,” Edward said further.

CLIMATE ANALYTICS

Rueanna Haynes, director of Climate Analytics Caribbean, revealed that her organisation is currently conducting an extensive report on loss and damage specifically in the Caribbean, with the aim of enhancing the available data and better supporting regional governments.

“Loss and damage is being reported generally as an ‘economic loss’, demonstrating that there is a gap in how we in the region are understanding and reporting about loss and damage,” said Haynes.

“We need to develop a common regional approach for loss and damage reporting. This will deepen regional coordination and assist in accessing more funding for our region,” she added.

Crispin d’Auvergne, climate change and disaster risk management coordinator of the Organisation of Eastern Caribbean States (OECS), reiterated that loss and damage goes beyond economic loss.

“For the Caribbean, improved and broader assessment of loss and damage is critical, as how do we value our archaeological sites, or coral reefs? Presently, the Loss and Damage Fund is capitalised far below what is required. A recommendation is that a percentage of the fund be invested in parametric coverage. We look forward to pursuing a relationship with Germany on tailoring approaches for the unique needs of OECS countries.”