Islands Call for Big Action on Finance at Bonn

June 04, 2024 Download PDF

Topic: Climate

Islands Call For Finance Action At Bonn Climate Conference

At one of the world’s largest United Nations climate summits, the Alliance of Small Island States called on developed countries to step up their climate finance commitments.

Bonn, Germany, 4th June, 2024

At Tuesday 3rd’s Opening Plenary of the Bonn Climate Conference (SB60), the Alliance of Small Island States (AOSIS) made it clear that they will not accept any outcomes which could diminish the affirmation of small island developing states (SIDS’) special circumstances, or lessen ambition on a new climate finance goal at the pivotal COP29 summit.

AOSIS is the negotiating body for small island developing states within the United Nations Framework Convention on Climate Change (UNFCCC).

Amidst record-breaking heatwaves, unprecedented wildfires in Belize, unseasonal torrential downpours in the Dominican Republic, the devastating and tragic landslide in Papua New Guinea, and the threat of a severe Atlantic hurricane season, SIDS are facing increasingly worsening climate change impacts and are struggling to cope.

“Climate change is without a doubt a significant development challenge and a barrier for small islands,” said Ms. Rasmussen. “As countries that are at the forefront of climate change impacts, we are feeling extreme heat, increased flash flooding, the decline in biodiversity, and the permanent erosion of our coastlines. The continued fight to keep ourselves afloat against the many climate change impacts further increases our vulnerability.”

Ms. Rasmussen reiterated to the Plenary that the special circumstances of small island developing states’ (SIDS) and least developed countries (LDCs) must be prioritized, regarding these vulnerable countries’ limited capacity to address climate change impacts without adequate support from the international community, noting, “LDC’s and SIDS’ special circumstances are non-negotiable.”

AOSIS made a strong call for an urgent change in the global financial system, so that SIDS can finally receive the adequate, efficient financial flows necessary to address climate change and build resilience.

“The climate finance landscape is evolving, and the complexity associated with accessing funds is a significant concern for SIDS. Implementation of current NDCs in their entirety will require the mobilization of USD six trillion. Grant funding is decreasing rapidly while the finance required for adaptation action is growing. As countries aim to prepare more ambitious climate plans consistent with the 1.5°C temperature goal the financial landscape requires a transformation.”

“New, additional, predictable, and adequate climate finance must be aligned with the best available science,” Ms. Rasmussen added. “AOSIS is calling for a new financial goal that is fit for purpose. It should have clear sub-goals to mobilize and deliver finance on adaptation, mitigation, and loss and damage. Transparency and accountability arrangements are essential to achieving the new goal.”

AOSIS also urged the international community hasten the capitalisation of the loss and damage fund, which was officially launched at COP28 last December, noting, “The pledges to the fund cannot stop at those made in Dubai. New and additional resources are required, and swiftly as SIDS is being confronted with loss and damage on a large scale every day.”

The negotiations at the Bonn Climate Conference will continue until June 13th, 2024.

Sub Topic: Finance