Bahamas and Barbados Lead Calls for Climate Debt Relief

Bahamas Prime Minister Philip Davis addresses financial challenges due to climate change and rising debts. Urging for more support from richer nations and the fossil fuel industry, he highlights the need for climate finance. Barbados PM Mia Mottley also advocates for debt relief, emphasizing the urgency of climate action.

The Bahamas is embroiled in a financial crisis, much attributed to the effects of climate change, bureaucracy, and the fossil fuel industry, according to Prime Minister Philip Davis. He expresses frustration over unfulfilled promises of aid.

Like many countries in the Global South, the Bahamas faces significant debt from climate-induced weather disasters, which leaders claim they had little part in causing. In October 2016, Hurricane Matthew inflicted over $7 million in damage, and in 2019, Hurricane Dorian caused $3.4 billion in damage, which surpasses the nation's annual revenue. Currently, the country's debt stands at approximately $10 billion.

Prime Minister Davis is seeking more financial support from the Global North and oil companies, emphasizing the importance of climate finance, especially with upcoming UN meetings. However, the Bahamas often misses out on financial aid as it is perceived as too affluent. Davis contends this is a common issue for small island nations.

Research indicates that climate change has intensified storms. The Bahamas' carbon dioxide emissions are minuscule compared to larger nations. Barbados Prime Minister Mia Mottley also called for drastic changes in debt relief systems, noting the inefficiency of existing financial aid structures for middle-income countries.

Both Davis and Mottley urge for a "polluters pay" system to make fossil fuel companies contribute to a fund for the Global South. Davis mentions that without such contributions, legal actions may be pursued. Meanwhile, the Bahamas faces existential threats from rising sea levels, with many islands potentially submerged within 50 years. Davis remains optimistic about humanity's capacity to tackle this challenge through collective effort.

(With inputs from agencies.)