Landmark Documents Approved at Climate Finance Summit, thanks to efforts of Bahamian negotiators
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NASSAU, BAHAMAS – In an inspiring testament to unwavering dedication and collaborative spirit, the Organization of American States (OAS) proudly announced the historic approval of two landmark documents, The Nassau Declaration and the Inter-American Climate Action Plan 2023-2030 at the Fourth Inter-American Meeting of Ministers and High-Level Authorities on Sustainable Development held in Nassau on October 3, 2023.
These momentous achievements were made possible through the efforts of the OAS Mission, alongside the commitment of local negotiators from the Office of The Prime Minister’s Climate Change & Environmental Advisory Unit (C2EAU) and the Ministry of Finance. The approval, achieved by acclamation, stands as a testament to the formidable challenges surmounted by this dynamic alliance.
The Nassau Declaration reaffirms the commitment of member states to effectively implement the 2030 Agenda for Sustainable Development, emphasizing the balanced integration of its economic, social, and environmental dimensions. It underscores the proactive conservation and sustainable management of vital water resources while promoting responsible stewardship of marine and freshwater ecosystems. Moreover, the Declaration charts a path towards mitigating greenhouse gas emissions and accelerating the transition to clean and renewable energy sources, leaving behind emissions-intensive energy options.
Inter-American Climate Action Plan 2023-2030 establishes a comprehensive framework to address the urgent climate challenges faced in the Americas. It champions sustainable development, greenhouse gas emissions reduction, adaptation to climate change impacts, and the transition to a low-greenhouse gas, climate-resilient economy. The plan outlines key activities, including accelerating clean, sustainable, renewable, and equitable energy transitions, integrated water resources management, disaster risk management, and building resilience.
Member states also acknowledged the imperative need to enhance their capacity to access climate funds, emphasizing the pivotal role of a regional hub in bridging existing capacity gaps in this crucial endeavor.
The Ministerial was preceded by the Climate Finance in the Americas Meeting on October 1-2. Guided by The Commonwealth of The Bahamas, a meeting of Finance Ministers and High-Level Authorities created a platform for Western Hemisphere countries to engage in discussions with multilateral development banks and other financial organizations. The sessions aimed to assess the hurdles and remedies concerning access to climate finance, with a focus on ensuring funds for climate projects are available quickly, affordably, and at the appropriate scale.
OAS member states further underscored the significance of financial support for climate initiatives in the region. Representatives from the multilateral development banks reaffirmed their commitment to support developed and developing countries in the Americas to access and benefit from an array of innovative climate financing mechanisms and instruments. Ministers and representatives from the international financial institutions also engaged in interactive dialogue which highlighted pressing climate issues affecting the region and explored potential solutions to increasing access to funding that is affordable and at the requisite scale.
Towards the end of the Climate Finance Meetings, the Declaration of The Bahamas on Climate Finance in The Americas was adopted by consensus and approved by acclamation. The acclaimed and endorsed declaration was entrusted to the Organization of American States through the Inter-American Council for Integral Development (CIDI), and the Executive Secretariat for Integral Development (SEDI), to provide the requisite follow-up on its implementation.
It is anticipated that the Declaration of The Bahamas on Climate Finance in the Americas will have a lasting impact, serving as a vehicle and point of reference to represent a common position of the Hemisphere in future deliberations and negotiations, including the upcoming COP 28 and beyond.
The Bahamas, through its exemplary efforts, has now expanded the OAS’s mandate to address climate change issues over the next seven years, signaling a profound commitment to a sustainable future for the Americas.
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For Press Inquiries:
Keishla Adderley, Press Secretary
Office of The Prime Minister
Commonwealth of The Bahamas
KeishlaAdderley@bahamas.gov.bs