The Urgent Need for Climate Finance: A Call to Action at COP 28
Introduction
In late October, a monster storm named Lola wreaked havoc in the Southern Hemisphere, becoming the earliest recorded Category 5 cyclone. The island nation of Vanuatu bore the brunt of this devastating storm, leaving behind a trail of destruction and leaving more than 40,000 children in need of humanitarian assistance. This is just one example of the increasing intensity and earlier onset of extreme weather events in the region, which are linked to climate change.
The Brutal Costs of Climate Change
Climate change in the Pacific region has severe consequences. Small island nations in the Pacific experience economic losses of around $1.075 billion annually, equivalent to at least 5 percent of their combined GDP. Additionally, more than 50,000 people in the Pacific are displaced due to climate and disaster-related events. These costs are staggering and demand urgent action.
A Personal Perspective: Tonga’s Struggle
As a resident of Tonga, I have witnessed firsthand the devastating impact of severe cyclones and droughts that have struck our country repeatedly in the past decade. It is disheartening to see the international community’s reluctance to provide the necessary climate finance support to help us cope with these calamities. This is why it is crucial for climate-vulnerable nations, including Pacific island nations, to push for the operationalization of a Loss and Damage Fund at COP 28.
The Global Stocktake and Our Failure
COP 28 marks the culmination of the world’s first global stocktake of the Paris Agreement. Unfortunately, our performance in curbing greenhouse gas emissions falls far short of what is needed to limit global temperature rise to 1.5 degrees Celsius above preindustrial levels. Current trajectories indicate a 10.6 percent increase in global emissions by 2030, leading to a 2.5 degree warming by the end of the century.
The Dire Consequences for the Pacific
In the Pacific, a 2.5 degree warming would result in a 0.9 meter rise in sea levels by 2150, causing widespread coastal erosion, coral reef degradation, and collapsing fisheries production. The existential threat to Pacific territories, livelihoods, and identity is so severe that countries have issued a joint declaration reaffirming their sovereignty over land and resources, regardless of climate change-related sea-level rise.
The Urgent Need for Climate Finance
Developed countries committed to providing $100 billion in climate funding to developing countries by 2020, but they have failed to deliver on this promise. The amount falls far short of the pressing needs of vulnerable countries, where adaptation needs alone are 10 to 18 times greater than the available international public finance. The world needs at least $5.9 trillion by 2030 to meet the goals of the Paris Agreement, but current finance flows are far from sufficient.
The Call for a Loss and Damage Fund
At last year’s COP, countries agreed to develop a Loss and Damage Fund, but now they must finance it and get it up and running. The talks leading up to COP 28 have been tense, but the outcomes must prioritize the needs of vulnerable developing countries and communities, including fast-tracked and uncomplicated access to finance.
Global Accountability and Justice
Climate change issues are fundamentally linked to global accountability, justice, trust, and survival. Developing countries have borne the brunt of weather, climate, and water-related disasters, with 90 percent of deaths occurring in these nations. The economic losses incurred by developing economies hinder their development and exacerbate the impacts of climate change.
A Plea for Action
As Flora Vano, a local humanitarian in Vanuatu, stated, “The time for talking is over. We need action now.” COP 28 is a crucial moment for the international community to listen to the call of climate-vulnerable countries and take urgent steps to achieve the goals of the Paris Agreement. The lives and livelihoods of millions of people are at stake as Pacific nations struggle to rebuild before the next storm hits.
Photo: Freepik.com
