Now that world leaders have finished advocating for climate financing at COP29, negotiations have begun. Despite pledges in the past, Caribbean officials highlighted gaps in funding availability and speed.
Cheryl Senhouse of the Caribbean Climate-Smart Accelerator pointed out that many Caribbean projects lack “fit-for-purpose” funding and need early financial support to move projects from concept to execution.
Racquel Moses, UNFCCC Global Ambassador, stressed the importance of grants for small entrepreneurs, like seaweed farmers, who drive innovation and resilience in small island states.
James Ellsmoor, CEO of Island Innovation, warned that financing systems often fail developing countries, echoing Barbados Prime Minister Mia Mottley’s call for economic reform. As nations negotiate new climate goals, leaders hope COP29 brings the ambition and resources to close the climate finance gap and support vulnerable communities.