Hon. Mia Amor Mottley
“Every year, those living between the tropics of Cancer and Capricorn face losses and damages three to four times more than elsewhere. And this year, that was epitomised by the devastating floods that submerged a third of Pakistan. That loss became less invisible to others this year, as America and Europe endured extreme floods, heat waves and forest fires. All of humanity will be on the frontline if mitigation does not occur fast enough. That is why we need to provide access to a global balance sheet to fund mitigation efforts everywhere, backed by a new issue of Special Drawing Rights: a global mechanism backed by a global currency, to accelerate the delivery of global public goods. Because we are so close to the 1.5 degrees warmer trigger for cascading effects, the speed and the quantum of mitigation matter. So we must prioritise fast mitigation, such as a sharp reduction in methane emissions. The reality is, two hundred years of industrialisation has already baked in 1.2 degrees of warming, so even rapid mitigation is not enough from here. We need triple lending by the World Bank and other Multilateral Development Banks, in return for an additional focus on providing concessional finance for climate-vulnerable countries to invest in climate resilience. And we need a more shock-absorbent international financial system with every debt instrument carrying natural disaster and pandemic clauses. While these simple ideas will make a difference, they do not require any country to write a cheque to any other today. In addition to this, we will also need a new international mechanism, such as a levy on fossil fuel prices as they slip back from elevated levels, to deliver grants or grant-like funding for reconstruction after a climate or slow-onset event. It has never been more apparent what COP must deliver.”
