Barbados Prime Minister Fights for Overhaul of Global Climate Finance

Barbados Prime Minister Fights for Overhaul of Global Climate Finance

Barbados PM Leads Charge for Fundamental Reform of International Financial System

World leaders are gathering in Paris to address the urgent need for climate finance in poorer countries, which have contributed minimally to climate change but bear its harshest consequences. Mia Mottley, the first female Prime Minister of Barbados, is spearheading the global campaign to secure funding and emphasizes the critical situation her small island nation faces. Climate finance has long been a contentious issue in climate negotiations, but Mottley is advocating for a fundamental reform of the international financial system to ensure equitable access to resources.

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Mia Mottley’s Coalition for Climate Finance Reform

Mia Mottley has built a global coalition of countries supporting her demand for the fundamental reform of the international financial system to address climate change. She argues that collective action is necessary to save the planet and protect lives. As joint host of the Paris conference, along with President Emmanuel Macron of France, Mottley is determined to achieve tangible results. The Summit for a New Global Financing Pact has attracted dozens of world leaders, including Germany’s Chancellor, Brazil’s president, the new president of the World Bank, China’s prime minister, and the US Treasury Secretary.

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The Bridgetown Agenda and Climate Finance Milestones

The “Bridgetown Agenda,” named after Barbados’ capital, presents a comprehensive plan to generate additional finance for the countries most in need. It aims to modernize the international monetary system, enabling greater support for climate programs.

Expectations at the summit include the announcement that the $100 billion target for Special Drawing Rights (SDRs), an international currency, has been met. These assets will be allocated to low-income countries for climate initiatives. However, Mottley seeks broader reforms to ensure sustained and increased finance for the most vulnerable nations.

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