WASHINGTON, DC – GOVERNOR of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, has called for critical reforms as Caribbean nations continue to bear the brunt of climate change impacts.
While attending the recently held International Monetary Fund (IMF) and World Bank Annual Meetings, Antoine emphasized that while climate change affects the entire world, countries in the global South are disproportionately impacted.
“We certainly need the reforms to allow us to see a more equitable distribution of climate financing, to build resilience in all countries, but especially small island developing states, which is where most of the Caribbean countries fall,” Antoine told The African Bazaar.
Antoine highlighted that the Caribbean faces unique challenges in accessing climate financing and equitable distribution of these funds. He underscored the vulnerability of the region, arguing that this should be a key factor in determining financial aid allocation.
Caribbean leaders have long voiced frustrations over difficulties in accessing proper financing, often critiquing institutions like the IMF and World Bank.
“Look, the IMF did a study in 2018 that said the frequency of natural disasters in the Caribbean is seven times higher than the global average, and the losses from those disasters are six and a half times higher than the global average. What that says is the vulnerability of the region.,” Antoine noted.
To address these vulnerabilities, Antoine called for full funding and the activation of the Loss and Damage Fund, which was agreed upon at COP two years ago. “We need, for example, the loss and damage fund agreed by COP two years ago. We need to see that funded and we need to see projects funded by the loss and damage fund to build climate resilience in the Caribbean and throughout the global south."
Antoine also advocated for reforming funding criteria to prioritize vulnerability over per capita income, along with holding large carbon-emitting countries accountable for their contributions to climate funds.
