Bahamas calls for more action to deal with Loss and Damage Fund

UNITED NATIONS (CMC )

The Bahamas government Friday told the international community that it must do more than just roll the die, as it appealed for countries to honour their commitments in helping small islands developing states (SIDS) deal with the impact of climate-change.

Prime Minister Phillip Davis told the 79th session of the United Nations General Assembly that the UN Climate Change Conference (COP 29) to be held in Azerbaijan in November must be a turning point.

“It is estimated that by 2050, climate-related damage is projected to rise to an almost unimaginable US$38 trillion per year. My friends, in some respects, it is already too late. Where we are ... is not good. But there’s still time … time just enough … if we act and act now,” Davis said.

He urged the world leaders to revitalise the stalled negotiations on the ‘New Collective Quantified Goal’ on climate finance, saying “we cannot afford another year of inaction.

“Developed nations must step up, not just with words, but with enforceable, concrete commitments, that reflect the scale and urgency of the crisis,” he said, noting that while global military expenditure soared to an unprecedented US$2.4 trillion last year, the Loss and Damage Fund, painstakingly established at COP28, has secured a mere US$800 million in pledges.

“This is a drop in the ocean, compared to the trillions needed to address the escalating costs of the negative impacts of climate change. This is not just an issue of funding. It is fundamentally an issue of sustainability and survival. Without it, peace and security mean nothing.

“The Loss and Damage Fund must be fully operationalised. This is about responsibility, accountability, and building a future where those who have polluted the most, contribute the most to cleaning up the mess. The 1.5 degrees Celsius Reality The rise in global temperatures of more than 1.5°C this past year has put us in a new reality.

“But we must do more than roll the dice. Real effort, serious action, tangible progress – these are the only paths to sustainable solutions. And the same truths remain,” Davis said, urging countries to prioritise energy solutions around sources of renewable energy.

He said re-directing the vast subsidies given to the fossil fuel industry towards renewable energy and climate adaptation and mitigation, would be a powerful start.

“We must reform the global financial institutions and systems. We need multilateral development banks that are fit for purpose, providing accessible finance, and prioritizing climate-resilient investments. We must continue to work to strengthen international co-operation. We need a renewed commitment to collective, multilateral action.”

But Prime Minister Davis said that within this global emergency, there is also a glimmer of hope.

“The 1.5°C threshold cannot be an endpoint, but a turning point, an opportunity to reject complacency and chart a new course, one grounded in innovation, collaboration, and a resolute commitment to a just and sustainable future. We are not asking for a hand-out, but for a hand-up. Even the strongest swimmer drowns if left alone in a raging sea.”

In his address, Prime Minister Davis said that over the past three years, The Bahamas has been pleading with member states to engage in urgent action in respect of

climate-change. He said along with other SIDS, his country has highlighted the vulnerabilities and its predicament.

“We have told you what we know, shared our experiences from the frontline, described what we are doing to address the various issues, and warned how, our yesterdays are your tomorrows. There has been some welcome progress; but it falls far, far short, of what is needed.

“And now we all have to live with the reality of a climate crisis, that has pushed our planet past the critical threshold of 1.5°celsius for an entire year. At this very moment, the new harsh reality manifests in hurricanes and heat, fire and floods.