National

OPM Climate Change Director: COP29 Will Be A Fight

NASSAU, BAHAMAS – As regional leaders head to COP29 with one climate message in mind, Director of Climate Change and Environmental Matters in the Office of the Prime Minister, Rochelle Newbold says it won’t be easy, and the push for an operational loss and damage fund continues.

Published

2 years ago

October 12, 2024

Berthony McDermott

She said COP29 will be a fight as regional leaders head to COP29 in Baku this year, fighting for a loss and damage fund.

After years of negotiations the loss and damage fund board, which The Bahamas has membership in, will meet this December to determine when countries will be able to apply for access to money from the fund.

Antigua and Barbados are also members of that board.

It’s a big step as small island developing states, like The Bahamas, have been pushing for an operational fund for years.

The loss and damage fund was seeded with $800m. Regional leaders have expressed disappointment that the fund has not been operating since its formation.

Newbold says at COP29, the ask is for $1.1 trillion per year for developed countries.

But, with natural disasters becoming more common, the need for quick response is imperative. It’s an issue Newbold said was raised by Caribbean leaders.

But while significant progress is being made, Newbold says larger countries are still stenching.