Developing States should have presence on int’l financial institutions’ boards – Pres Ali

…says these, other issues must be resolved ahead of COP28

The important but as yet unresolved issue of developing countries having a seat at the table of international financial institutions, was recently emphasised by President Dr Irfaan Ali, when talking about some of the unresolved issues facing the world ahead of COP28.
During a recent appearance on the Atlantic Council, the Head of State spoke about Guyana’s expectations ahead of the United Nations (UN) Framework Convention on Climate Change (COP28), which will be held from November 30 to December 12.

He noted that the world is in a complex situation where it faces three crises at once – the food, climate and energy crises. With the particular vulnerability of Small Island Developing States (SIDS) in mind, especially those in the Caribbean Community (Caricom), President Ali noted that them being represented on the Boards of international financial institutions must be addressed.
“COP28, there’s a lot of talk on what may be the outcome of COP28. But there’s some fundamental issues we should sort out before getting to COP28. Take for example the issue of adaptation. We have not had a common position on that. We have not sorted out the issue of the development pledge, the $100 billion pledge,” President Ali said.
“So, we’re going into COP28 with so many unresolved issues. We have not sorted out the issue of having the most affected countries by climate change, especially in the Caricom Region, on the Boards of financial institutions. So that their interests can be better represented,” the Head of State added.
In addition to SIDS being represented on the Boards of international financial institutions, loss and damage consequences of climate change on the most vulnerable are also still to be addressed. Then there is the carbon market, where Guyana and other forested countries are looking to sell their carbon credits.
“We have not sorted out issues in relation to loss and damage. We’re not sorted out issues on the carbon market. How we’re going to develop a mature carbon market, one that is structured especially for carbon from the forest and ensuring that isn’t a voluntary market, but a very structured market,” President Ali noted.
To be held from November 30 to December 12, the 28th Conference of the Parties to the UN Framework Convention on Climate Change will provide a platform for world leaders, Ministers and negotiators to develop solutions to address climate change.
At the previous Conference of the Parties – COP27 – which was held in Sharm el-Sheikh, Egypt in December of last year, one outcome was the setting up of a climate fund for poorer and more vulnerable countries, which would constitute “loss and damage” funding.
Meanwhile, the Fourth SIDS International Conference – to be held in Antigua and Barbuda from May 27-30, 2024 – will similarly bring world leaders together to agree on a new programme that focuses on practical and impactful solutions to keep SIDS afloat and maintain a sustainable, safe future.
With Guyana’s appointment in June of this year to the United Nations Security Council (UNSC), Guyana is now positioned to be the voice of SIDS at the level of the Security Council. On June 6, 2023, Guyana was voted in as a non-permanent member of the UN Security Council for the 2024-2025 term – a move that President Ali had said would significantly enhance the country’s global standing. (G3)