Grenada’s PM calls for financial sustainability, emergency climate fund at COP29

At the Small Island Developing States (SIDS) Summit during COP29, Grenada’s Prime Minister, Dickon Mitchell, urged for the development of a financial sustainability strategy and the creation of an emergency climate fund.

According to reports, Mitchell highlighted the severe climate disasters that have plagued Grenada for the past 11 months, Caliber.Az reports via local media.

“The majority of the Caribbean islands have suffered from severe flooding. Whether we can meet the sustainable development goals is still uncertain,” Mitchell stated. “The Caribbean faces numerous challenges, including a financial deficit.”

The Prime Minister emphasised that countries cannot tackle these modern challenges alone, urging the development of a strategy to ensure financial resilience and the establishment of an emergency fund to aid nations in times of climate crisis.

During the same summit, Maldives President Mohamed Muizzu underscored the importance of economic diversification and renewable energy investment for the future of his nation. The President detailed the Maldives' efforts to transform its economy by expanding port services, establishing special economic zones, and launching its first development bank. Muizzu also highlighted the creation of the green eco-city of Prasmale, aimed at addressing the housing crisis while prioritising environmentally sustainable and climate-resilient features.

“For the Maldives, climate change is not an abstraction; it is a real threat that can undo years of progress in an instant,” said Muizzu. “We are transforming our energy production by investing in renewables. Our new energy policy and roadmap, with projected investments of over $1.5 billion, reinforce our commitment to transitioning to a low-carbon economy.”

The Maldives President also outlined two key goals for COP29: establishing a reliable collective climate finance target that reflects the actual needs of vulnerable countries, and finalising the international carbon market mechanism. According to Muizzu, these carbon markets must go beyond mere trading mechanisms to serve as bridges for technology transfer and sustainable development.

“We’ve heard many calls for action and promises. Now is the time to unite in solidarity at COP29 and demand that words and promises become reality,” he added.

In a key speech at the "Special Events on Nature and Climate" session at COP29, Brazil’s Minister of Environment and Climate Marina Silva presented the country’s ambitious plans to end deforestation by 2030. Silva stated that addressing the climate crisis, biodiversity loss, and desertification requires comprehensive efforts, with each nation being responsible for fulfilling its financial commitments.

She reported that from August 2023 to July 2024, deforestation in the Amazon had decreased by 30.6%, reaching its lowest level in 15 years. This reduction prevented over 400 million tonnes of CO2 emissions, more than the annual emissions of many countries. Silva added that Brazil would soon unveil a complete version of its National Contribution Declaration, reflecting its vision for 2035.

This declaration sets ambitious targets, including limiting global warming to 1.5°C, a critical goal for combating climate change and securing the future of vulnerable ecosystems worldwide.

By Aghakazim Guliyev