Colleagues,
One thing I hope we don’t deny is the stark reality staring back at us: climate change is a profound injustice that our children and grandchildren will inherit if we fail to act.
In The Bahamas, 40% of our national debt is related to the consequences of climate change, a burden we did not create yet we are forced to bear.
This is a collective failure, where those least responsible suffer the heaviest consequences.
As a developing nation, The Bahamas does not mobilize climate finance; we are recipients.
As recipients we have created an enabling environment to ensure climate finance can be effectively and efficiently deployed.
The Office of The Prime Minister have established centralized coordination across government agencies for climate finance projects.
This approach has fostered cohesion and improved our capacity to address climate impacts with resources provided.
But while we’ve taken steps to prepare, the scale of the crisis requires sustained and predictable and expeditious financial support from the global community.
To truly enable climate finance going forward, there is a need to streamline and simplify access to finance and to enable an expeditious and equitable response for financing. In addition international partners need to meet their pledges in full.
Today we double down on our call for an equitable and simplified mechanism to address the significant gaps in the financial flow to ensure climate resilience and sustainable development.
In the Caribbean, the impact of climate change is more than a policy issue; it is an existential threat that strikes at the core of our economies, our livelihoods, and our way of life.
Despite this, the private sector in wealthier nations—those least affected—continues to profit from climate inaction, while nations like The Bahamas bear the devastating costs. This is not only unsustainable; it is deeply unethical.
We call on all countries, international financial institutions (IFIs), and investors to include natural disaster and pandemic clauses in debt agreements, giving vulnerable nations the flexibility needed during crises.
Furthermore, we urge that at least 70% of all mobilized climate finance be directed toward adaptation efforts in the most vulnerable countries.
This is not a request for charity; it is a matter of justice.
We also ask that multilateral development banks establish specific climate finance windows to make funds more accessible for climate-vulnerable nations, emphasizing grants over loans to avoid deepening the debt burden we already carry.
In the Americas, The Bahamas plays a key role in the Platform of Ministries of Economy and Finance , which is linked to the Inter-American Development Bank.
Yet, despite its importance, this platform remains largely disconnected from the UNFCCC process. To avoid duplicating efforts and to better translate our needs into effective action, we must bring climate and finance actors into the same room, fostering a unified approach.
The Inter-American Climate Action Plan 2023-2030, established by the Organization of American States, provides a comprehensive framework to address urgent climate challenges across the Western Hemisphere.
Similarly, the Commonwealth Secretariat has the power to convene stakeholders across the globe to advance climate finance solutions.
Greater coordination among these entities is essential to amplify the impact of climate action and ensure that resources reach those who need them most. It is through these collaborations that we can effectively scale climate finance to match the magnitude of our challenges.
We face a stark choice: secure a future that gives humanity a fighting chance or invite chaos to our doorstep.
If we let complacency or inaction or indecision shape our response, we risk condemning ourselves to a world of escalating disasters and displacement.
This moment calls for conviction and a shared commitment to act with urgency and boldness. Anything less would be a failure not just of leadership, but of basic decency.
Let us choose enlightened cooperation, rooted in fairness and justice.
We are calling for a $1 trillion climate fund—not as an act of charity, but as an essential step to correct the imbalances of this crisis.
The countries most responsible for climate change must shoulder the greatest responsibility, demonstrating their commitment to a just and sustainable future for all.
Let COP29 be remembered not as a moment of hesitation, but as a turning point.
This gathering can be a signal to future generations that we stood here today, choosing responsibility over rhetoric and justice over neglect.
The world is watching, and history will remember how we respond.