Categorized | National News

Climate Conference Prepares Caribbean Countries For COP-28


The Climate Finance in the Americas Conference and the Organization for American States
(OAS) Sustainable Development Conference hosted by The Bahamas at the Atlantis Paradise
Island Resort came to a close last week; both meetings a success according to economic affairs
minister, senator Michael Halkitis.
The climate finance event was hosted by Minister Halkitis while the OAS conference was hosted
by Prime Minister Phillip Davis has resulted in the agreement and completion of three
“At the conclusion of the conference, we were able to agree which included the vast majority of
the members of the Organization of American States.
“We were able to complete and release a declaration on climate finance, Declaration of Nassau,
and for sustainable development, we concluded another declaration and an action plan which
underscores the commitment of the countries in the region to poverty elimination and
sustainable, resilient, and equitable development.”
In August of last year, Prime Minister Davis revealed that more than 50 percent of the country’s
outstanding debt can be linked to the impacts of hurricanes between 2015 and 2019.
Senator Halkitis noted that during the conference, many other countries echoed that 40 to 60
percent of their debt was also linked to climate disasters.
“So what we wanted to come out of this conference was a commitment by organizations such as
the World Bank, the IMF, the Inter-American Development Bank, the Development Bank of
Latin America and the Caribbean, as well as the Green Climate Fund and other environmental
funds to make more resources available to countries, make those resources available at
affordable rates, ensure that the process of gaining access to these resources are not cumbersome
and bureaucratic, so easing the way for countries to gain access to these resources, and
implementing more what, what I would call more user friendly instruments that countries can
“So not strictly borrowing money, but, you know, mixing in some grant funding, and as well
trying to mobilize some private sector, getting the private sector involved because as much funds
as the IMF or the World Bank and those others might have, there is a need to blend in finance
from the, from the private sector.”
Countries also agreed to training to assist in accessing funding. The declarations agreed upon
will be taken to the 28th United Nations Climate Change Conference of the Parties (COP 28)
conference as a common hemispheric position.

“And so, all these countries in the Western Hemisphere who are members of the Organization of
American States will be able to go and say this is our common position and it’s a point that
strengthens our negotiating position at the COP.
“It is an understanding that climate affects everything. We might think it’s just, you know, a
hurricane or a flood and that’s it and it’s an isolation, but we came away with an understanding
from the experience of all the countries that you know, it affects nation’s ability to develop in a
sustainable manner, and so we thought it was very successful.
“The participants were very happy, uh, to be here in the Bahamas, and of course they commented
on our, uh, world renowned hospitality.”
COP- 28 will take place on November 30 th , 2023, in expo city, Dubai.

Written by Jones Bahamas

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