The Small Island Developing States are not receiving enough finance to assist in adaptation and mitigation initiatives.
This was highlighted by the Green Climate Fund’s Executive Director, Yannick Glemarec who says that SIDS is only receiving two percent of finance adding that this needs to change.
The GCF is an institution established within the framework of the UNFCCC as an operating entity of the Financial Mechanism to assist developing countries in adaptation and mitigation practices to counter climate change.
Glemarec says GCF was expected to channel a significant percentage of the $100-billion promise of climate finance.
“In our case, we are allocating 12 percent of our financing to SIDS and are currently developing a number of large programs. SIDS is in an extremely precarious situation with the COVID-19 pandemic. SIDS have contributed nothing to the climate crisis.”
The Executive Director of the first fully dedicated climate finance institution says proper financing is critical in saving SIDS from the harmful impacts of climate change.
“It’s critical to financing small island developing states. It’s a moral duty for the world to take action and on the side, what we are trying to do is to have a programmatic approach where we can bring different partners that can engineer access to affordable finance for SIDS.”
The GCF is determined to support climate-vulnerable countries build their resilience and infrastructures.