CashNews.co
As one of the signature events ahead of the Commonwealth Heads of Government Meeting (CHOGM), the 2024 Commonwealth Climate Breakfast this year focused on building consensus for climate finance targets in the run-up to COP 29.
The packed room was addressed by the Prime Ministers from Tonga Siaosi Sovaleni and Tuvalu Feleti Teo; the Vice-President of the Maldives; Minister for Fisheries and Forests in the Government of Fiji Aliti Baninivalu, and the Secretary for Foreign Affairs from Mauritius.
Other stakeholders, including high-level representatives from member countries, climate experts, and young people, contributed to the event, which was expertly moderated by Dr Ruth Kattumuri, the Senior Director of the Economic, Youth and Sustainable Development Directorate at the Commonwealth Secretariat.
The Commonwealth Secretary-General Patricia Scotland declared that the need to unlock climate finance was urgent by highlighting the enormity of the problems faced by small and vulnerable nations after damaging climate events.
The Commonwealth Secretary-General said: “These shocks cause tremendous economic and human suffering, exacerbating pre-existing vulnerabilities and undermining resilience. The immense physical damage is compounded by the systems and structures which have created such imbalance in our world.”
“Debt is one example. Across our most vulnerable states, the Debt to GDP ratio is higher than the global average, this is exacerbated by global financial rules, which restrict their access to concessional development financing.”
She noted that the Commonwealth Climate Finance Action Hub (CCFAH), with an initial investment of US$8.5 million, has unlocked US$366.31 million in climate finance for small and other vulnerable Commonwealth countries.
A figure which had been updated on the spot by Unnikrishnan Nair, Assistant Director of Climate Change and Sustainability at the Commonwealth Secretariat, as funding of US$2.76 million for a new project in the Seychelles was recently confirmed.
Many of the leaders on the panel noted that they have benefitted significantly from CCFAH, both in accessing additional climate finance, policy support and capacity building for government officials.
During the event, Emi Furuya, Director-General of Canada’s International Organisations and Human Rights, announced a further injection of CA$4.65 million (US$3.36 million) to CCFAH’s funding.
She said this additional investment is a result of listening to the pleas of small and other vulnerable states.
The Director-General added: “Canada’s well-known focus on gender equality is a core component of our international assistance programming around the world. We are pleased to contribute to the Climate Finance Access Hub’s efforts in ensuring that all women and girls, as well as men and boys, are supported from all segments of society and that they are positively impacted by this climate finance funding.”
Canada’s announcement was echoed by endorsements from Australia and the United Kingdom, all three countries were original funders of CCFAH.
This event also sets the stage for the Commonwealth Secretariat’s presence at COP29 in Azerbaijan. It was also mentioned that the Secretariat is in close communication with the COP29 President-Designate, Mukhtar Babayev, resulting in strong support for small and other vulnerable states.
Jevanic Henry, a UN Secretary-General Youth Climate Adviser and a former Young Professional at the Commonwealth Secretariat, said the way forward regarding financing was clear.
He said the time for talk is over, and it is now time for bold leadership and unified action. Henry concluded, “At COP, let’s get it done.”