PORT OF SPAIN, Trinidad, The chief executive officer of the Caribbean Climate-Smart Accelerator (CCSA), Racquel Moses, says while there are “several silver linings” to take from the just concluded United Nations Climate Change Conference (COP 27) in Egypt, the final text of the Sharm el-Sheikh Accord is lacking strong language or resolutions on reducing the use of fossil fuels.
Moses, the only United Nations Framework Convention on Climate Change (UNFCCC) global Ambassador representing Small Island Developing States (SIDS) and the Caribbean, told a news conference here that there were some disappointments at COP 27.
She said net-zero pledges and Nationally Determined Contributions (NDCs) must be strengthened to meet decarbonization goals that support limiting warming to 1.5 degrees, adding that natural gas is not a realistic ‘bridging’ fuel.
“There are, however, several silver linings to take note of. In addition to the consensus reached on Loss and Damage, which will provide a lot of necessary funding for climate-impacted communities globally, COP27 also saw the first pavilions for youth, indigenous people, and climate justice – a definite shift towards more inclusive decision-making.”
Moses said the interest from the private sector to finance resilience-building projects has continued to grow.
“Caribbean excellence and private sector financing were both on show at the CCSA Investor Forum, and as pointed out by Prime Minister Mia Mottley, the region will explore ways of leveraging the International Monetary Fund (IMF) and World Bank for investment funds. The result in Sharm el-Sheikh leaves a lot to work with,” she added.
Moses said that the CCSA had three main objectives for attending the event in Egypt, including “fit for Purpose Funding, Loss and Damage Facility, and Global South Innovation.
“For the CCSA, while the organization looks ahead to COP28, they are extremely focused on the urgent work that must be done. The CCSA remains guided by four pillars; to create the climate-smart map, move the region to 90 percent renewable energy for all countries by 2035, protect 30 percent of water and 30 percent of the land, and realize the generation of 1.5 percent green jobs across the region.
“All this will be made possible in a collaborative environment that enables project owners in the region and suitable investors to find each other,” Moses added.
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