In the aftermath of the devastation Hurricane Dorian wrought in the Caribbean and the high level of vulnerability facing many island countries, African countries, and the pacific, a Commonwealth facility designed to assist smaller and more vulnerable countries tackle the damaging effects of climate change has helped them access USD 27 million of funding. This is in recognition of the negative impact climate change is having on businesses and people’s lives in general. This development is a milestone for the organization through its Commonwealth Climate Finance Access Hub which is more than 35 times the original start-up investment of $ 1 million from Australia while almost $500 million has been applied for and is in the pipeline for climate action projects across the Commonwealth.
Read also : G5 Sahel Heads of State Support Desert to Power Initiative
Speaking on this development, the Commonwealth’s Secretary-General Patricia Scotland described the initiative, which is currently managing 50 projects in 10 Commonwealth developing countries, as a “lifeline for the small and vulnerable”. She added that there is a relentless assault from climate change on countries in every region of our Commonwealth. She pointed out that again and again media headlines have been dominated with strong adjectives such as “apocalyptic”, “record-breaking”, “monstrous” and “life-changing” when describing the cyclones and hurricanes, sea-level rises, and scorching droughts which are claiming lives and livelihoods, destroying homes and diverting countries from their development pathways.
“Today, in the wake of Hurricane Dorian, the death toll is rising in The Bahamas, where thousands are homeless and parts of the islands are demolished. This is why the Commonwealth has been working tirelessly since 1989 on critical solutions such as the Commonwealth Climate Finance Access Hub”, she added.
Read also : Commonwealth Sees Sports as Vehicle for Growth and Development
Hosted by the Government of Mauritius, the Hub was created following the findings and recommendations of a 2013 Commonwealth Expert Group on accessing climate finance. In 2015 leaders endorsed the initiative in their joint statement. “We had a situation where, despite the set-up of multi-billion dollar funds for climate action, countries seemed unable to meet the onerous conditions required to access financing for climate change projects,” the Secretary-General added.
“The Hub pays for top international climate finance specialists to join government departments and help them navigate the red-tape and make successful applications for projects to mitigate and adapt to the effects of climate change.” By the time of filling this report, sources at the organization say that it has received numerous enquiries from non-member states about the Hub and is exploring how it can extend the scope of its services.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.