At COP29, held on November 20, 2024, Dominica's Minister Cozier Frederick highlighted the urgent need for reform in climate finance to address the vulnerabilities faced by small island nations. Despite contributing minimally to global greenhouse gas emissions, Dominica is significantly affected by climate change, with extreme weather events threatening its ecosystems, economy, and daily lives. Frederick pointed out the catastrophic losses incurred from Hurricane Maria in 2017, which devastated the island and resulted in damages amounting to 226% of its GDP [b70935be].
Frederick emphasized the importance of food security and tourism for Dominica's economy, noting that these sectors are increasingly at risk due to climate impacts. He outlined the island's ambitious goal to become the world's first climate-resilient nation through strategic investments in resilience and geothermal energy [b70935be]. In his address, he called for stronger global financial support for adaptation and resilience efforts, advocating for a revision of the existing climate finance goals, which currently target $100 billion annually. He proposed doubling climate finance by 2025 to better meet the needs of vulnerable nations [b70935be].
Expressing disappointment over the shortfalls in adaptation funding and unfulfilled pledges from developed countries, Frederick stressed the necessity of a transparent process for accessing climate funds. He urged a shift from mere adaptation planning to concrete implementation, advocating for a holistic approach that links climate action with the health of ecosystems [b70935be]. This call for reform resonates with the broader discussions on climate resilience initiated by leaders like Grenada's Prime Minister Dickon Mitchell at the UN General Assembly, where he also underscored the importance of international collaboration and support for Caribbean nations facing similar challenges [0c79cbe1].