Empowering Small Islands: The Urgent Call for Climate Finance

Every commitment to climate action and finance made by world leaders is vital. Every failure to meet those commitments is an insult to the vulnerable. The climate crisis is a global challenge that disproportionately impacts small island nations, and their voices must be heard at the highest levels of the international system.

Amplifying the Voices of the Vulnerable

Confronting the Climate Crisis Head-On

The climate crisis is no longer a distant threat, but a harsh reality that is unfolding before our eyes. The recent heatwave in India, where over 100 people have tragically lost their lives, is a sobering reminder of the devastating consequences of global warming. Commonwealth leaders have been sounding the alarm on the need for urgent climate action since 1989, long before international negotiations even began. Their calls have been echoed by climate scientists, who have consistently warned the world of the need to limit global warming to 1.5°C to avoid irreversible damage.Tragically, this critical threshold was breached in February 2024, with global temperatures surpassing the 1.5°C mark over the past 12 months, making it the hottest year on record. This alarming increase has intensified extreme weather events, sea-level rise, and other climate risks that disproportionately affect Small Island Developing States (SIDS).

The Unique Challenges Faced by SIDS

Despite covering only 3% of the world's land area, SIDS are vital for humanity and the planet we share. They safeguard 11.5% of the oceans' Exclusive Economic Zones, which include 20% of all terrestrial bird, plant, and reptile species. Yet, SIDS experience five times more climate-attributable deaths due to extreme weather events, and when shocks hit, they are hit hard.A single cyclone can derail a small state's growth for years, if not decades. In 2017, Hurricane Maria devastated the Commonwealth country of Dominica, destroying 225% of its Gross Domestic Product. The damage of such shocks is worsened by inadequate financial support, as SIDS struggle to unlock climate finance despite contributing only 1% of global greenhouse gas emissions.

The Urgent Need for Climate Finance

In 2019, SIDS had access to only .5 billion out of the 0 billion pledged to developing countries. With no alternative, these countries are often forced to obtain financing on unfavourable terms, resulting in high debt burdens and creating a vicious cycle where debt becomes unsustainable and access to finance becomes more limited.The Commonwealth is home to two-thirds of the world's SIDS, and this exceptional convergence of hardships is at the heart of the Commonwealth Secretary-General's motivation to support these vulnerable nations. SIDS have been at the forefront of the charge to reset the climate finance ambitions, leading the way at the 28th Conference of Parties to the United Nations Framework Convention on Climate Change (CoP28) on the critical issue of Loss and Damage.

The Commonwealth's Commitment to Climate Action

The Commonwealth is working to ensure that the SIDS' voices are heard at the highest level of the international system while providing practical support in critical areas. The Commonwealth Climate Finance Access Hub has already unlocked 0 million for small states, with another 0 million worth of project proposals in the pipeline. For years, these countries have been taking the steps needed to transition toward low-carbon, climate-resilient development, and the Commonwealth is committed to advocating for increased funding for adaptation, mitigation, and resilience-building.The upcoming Commonwealth Heads of Government Meeting in Samoa this October, the first summit in a Pacific Small Island State, will have a crucial focus on building resilience essential for the Commonwealth's 56 nations. However, for this to be achieved, the world must keep its promises. Every commitment to climate action and finance made by world leaders is vital, and every failure to meet those commitments is an insult to the vulnerable.The call to action on climate finance will continue to resound from Commonwealth SIDS at the UN General Assembly in September and the negotiations at CoP29 in November. It is a call that must be heeded, for the sake of the planet and the generations to come.