The 2024 Commonwealth Climate Breakfast gathered Commonwealth leaders and climate experts to advocate for increased climate finance in preparation for COP29. Key speakers highlighted the urgent financial needs of small, vulnerable nations affected by climate change. The event showcased successful initiatives like the Commonwealth Climate Finance Action Hub, which has substantially increased access to climate financing, and featured new contributions from Canada, Australia, and the UK. Discussions emphasized the need for decisive action moving forward.
As a prominent event leading up to the Commonwealth Heads of Government Meeting (CHOGM), the 2024 Commonwealth Climate Breakfast concentrated on forming a consensus regarding climate finance goals in anticipation of COP 29. Distinguished speakers included the Prime Ministers of Tonga and Tuvalu, the Vice-President of the Maldives, the Minister for Fisheries and Forests of Fiji, and the Secretary for Foreign Affairs from Mauritius. The gathering involved contributions from various stakeholders, including representatives from member countries, climate specialists, and youth activists, and was adeptly moderated by Dr. Ruth Kattumuri, the Senior Director of the Economic, Youth and Sustainable Development Directorate at the Commonwealth Secretariat. The Rt Hon Patricia Scotland KC, Commonwealth Secretary-General, underscored the urgent necessity to access climate finance, emphasizing the severe challenges faced by small and vulnerable nations in the wake of climatic adversities. She stated, “These shocks cause tremendous economic and human suffering, exacerbating pre-existing vulnerabilities and undermining resilience. The immense physical damage is compounded by the systems and structures which have created such imbalance in our world.” Moreover, she highlighted the fiscal difficulties these nations encounter, noting that their debt-to-GDP ratios surpass the global average due to stringent global financial regulations impeding access to advantageous development funding. Patricia Scotland noted the achievements of the Commonwealth Climate Finance Action Hub (CCFAH), which, with an initial investment of US$8.5 million, has successfully unlocked US$366.31 million in climate financing for small and vulnerable Commonwealth nations. This figure was updated on site, with Unnikrishnan Nair, Assistant Director of Climate Change and Sustainability at the Commonwealth Secretariat, confirming a recent funding confirmation of US$2.76 million for a new project in Seychelles. Leaders on the panel acknowledged the substantial benefits they have derived from the CCFAH, receiving vital assistance in securing additional climate finance, policy guidance, and capacity development for government personnel. During the meeting, Emi Furuya, Director-General of Canada’s International Organisations and Human Rights, announced a further investment of CA$4.65 million into CCFAH’s initiatives, attributing this boost to the appeals made by smaller and more vulnerable states. She emphasized, “Canada’s well-known focus on gender equality is a core component of our international assistance programming around the world. We are pleased to contribute to the Climate Finance Access Hub’s efforts in ensuring that all women and girls, as well as men and boys, are supported from all segments of society and that they are positively impacted by this climate finance funding.” This announcement was supported by affirmations from Australia and the United Kingdom, the three being the principal financial backers of the CCFAH. The event also set the stage for the Commonwealth Secretariat’s participation at COP29 in Azerbaijan, with ongoing discussions with the COP29 President-Designate, HE Mukhtar Babayev, facilitating robust backing for small and vulnerable states. Jevanic Henry, a UN Secretary-General Youth Climate Adviser and former Young Professional at the Commonwealth Secretariat, asserted that the path forward in securing financing is clear. He asserted, “The time for talk is over, and it is now time for bold leadership and unified action. At COP, let’s get it done.”
In light of the increasing frequency and intensity of climate-related disasters, vulnerable nations are experiencing unprecedented challenges exacerbated by their economic and social vulnerabilities. These hurdles have stimulated discussions among Commonwealth leaders and experts regarding the urgent necessity for enhanced climate finance to help mitigate the impact of climate change. The Commonwealth Climate Breakfast is a strategic platform aimed at mobilizing support and building consensus on climate finance solutions ahead of significant international meetings like COP29, highlighting the role of collaborative efforts between member nations.
This year’s Commonwealth Climate Breakfast served as an essential forum for Commonwealth leaders and climate experts to emphasize the pressing need for additional climate finance. The discussions pointed to the urgent requirements of small and vulnerable nations that face severe climatic challenges, while also showcasing prior successes and future commitments to climate finance initiatives. Participants expressed a strong determination to take decisive and unified action towards addressing climate financing at future international climate conferences.
Original Source: thecommonwealth.org
