The Pacific island nations threatened by rising sea levels, debt and geopolitical tensions They can only fight back if international lenders agree to fairer terms for vital development funding and if the world’s biggest polluters make a “massive increase” in contributions to tackle “climate chaos,” the UN said Thursday. Secretary General of the UN.
António Guterres is in Samoa, where he met with residents uprooted from their homes by rising sea levels and coastal erosion.
At that meeting, he said that Pacific Islanders refuse to be victims of climate changebut their ambitious plans to resist this “existential threat to millions” have been put on hold because they are not receiving the promised funding.
“We are fighting hard for climate justice, but We are not seeing the money that is needed“That is why we are calling for reform of international financial institutions to meet the financing needs of countries like those in the Pacific,” Guterres said at a press conference held at UN House in Apia, the capital of Samoa.
Unfulfilled commitments by rich countries
Positive gestures from rich economies towards developing countries have been insufficient to offset the economic impacts of natural disasters caused by climate change, Guterres insisted, pointing to the Loss and Damage Fund, agreed in 2022 at the United Nations Climate Change Conference (COP27), which took place in Egypt.
Developed countries also pledged in 2021 to double the $100 billion per year agreed in 2009 for climate adaptation; however, this potentially game-changing source of revenue has not obtained sufficient support either.
“We need all countries to keep their promises on climate finance and that there is a solid financial outcome from this year’s COP, where we will discuss commitments after 2025,” he added.
Determination of the Samoans
Guterres described how Samoans have repeatedly responded to climate impactsincluding the terrible tsunami of 2009 that left at least 192 dead.
“We have seen people who moved their houses inland [de la isla]We have seen people who persisted in coming back and rebuilding. We have seen a huge determination of the people to fight not only against the impact of the tsunami, but also against the effects of rising sea levels and storms and cyclones,” he stressed.
“I have seen a wall protecting a village from the sea; that wall has been built three times in 20 years due to the tsunami, due to rising sea levels and due to strong storms,” he said.
Unattainable loans
Many developing countries like Samoa, which are also on the front lines of the climate crisis, They must rely on loans from international institutions at rates that are too highwhich has prevented them from accessing the funds they need to help themselves.
In order to correct this historical structural inequality in international finance, the UN has worked with Small Island Developing States on a New measure of national income – the Multidimensional Vulnerability Index (IVM) – which seeks to facilitate their access to the resources necessary for sustainable development.
“We call on the international community to act in such a way that when international financial institutions deal with countries like Samoa, the Multidimensional Vulnerability Index is taken into account allow financing to be provided on concessional terms for projects that are necessary to achieve the Sustainable Development Goals and protect their populations from climate change,” the UN chief stressed.
Special drawing rights
The Secretary-General also reiterated his wish that small island States such as Samoa have access to some $80 billion in development funds linked to special drawing rights, which can be channeled by members of the International Monetary Fund (IMF) to multilateral development banks and thus be available for credit.
New revenue streams like this are crucial for countries like Samoa, which lost vital tourism revenue due to the COVID-19 pandemic and “have not received support from the international community“When we look at Samoa, we understand what that means and we will never stop fighting to make sure that the international community recognises that.”
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