Samuda calls for more climate change funding support for developing countries

Matthew Samuda, Minister without Portfolio with Responsibility for Water, Environment, and Climate Change in the Ministry of Economic Growth and Job Creation, has called for world leaders to do more to provide financial support to developing countries to combat climate change.

Samuda issued the call on Tuesday during his speech at the High-Level Segment of the 27th Conference of Parties (COP 27) to the United Nations Framework Convention on Climate Change (UNFCCC), which is being held in Egypt.

“The global financial architecture and mechanisms must change. Sadly, there are still issues of access that must be rectified and made simpler,” charged Samuda.

“Small island states have been voicing concerns as well about the growing dissonance in establishing a loss and damage funding arrangement. We unreservedly join with other developing countries in calling for a loss and damage fund that help countries address the inevitable impacts,” he continued.

He said that this year has been another unprecedented one with people around the world continuing to grapple with multiple hazards, further straining already fragile economies and the natural resources of countries.

He highlighted the devastation seen in the Caribbean countries of Belize and St Lucia which were recently impacted by weather systems.

Samuda noted that Jamaica is facing similar challenges as it regards climate change.

“In Jamaica, there is a popular saying: 'No problem, man'. But this does not apply to the current crisis. It may be more accurate to say, 'More problem, man', because the impacts of climate change are already being experienced and those to come have not adequately been addressed. Loss and damage have not been given due attention and support. Jamaica is calling for action.”

Samuda stated that the climate change emergency cannot be tackled by a single country but by every nation playing its role within its respective capabilities.

Further, he argued that it is in implementing those commitments and ambitious plans that the globe can begin to shift the needle.

Samuda highlighted some of the climate change initiatives implemented or being pursued by Jamaica:

· The country has advanced a holistic National Disaster Risk Financing Strategy.

· We have a catastrophe bond to provide significant financial protection against named storms up to 2023.

· Jamaica, along with partners, launched the “Jamaica Systemic Risk Assessment Tool” to increase climate change considerations in investment.

· We are preparing a National Adaptation Plan, accompanied by a financial strategy and investment plan.

· A National Three Million Tree Planting Programme is under way. We can report that more than 2.4 million trees have since been planted, a result of stakeholders working “together for implementation”.

· We have launched an EV Policy and reduced taxes to make the transition more competitive.

· We have also reduced taxes for solar panels.

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