Barbados urges global financial reform for climate crisis

Minister in the Ministry of Finance, Ryan Straughn, has continued the call for the reform of the international financial architecture in order for small and developing states to properly access financing to facilitate the mitigation against the climate crisis. 

Mr. Straughn made the call last week as he joined senior government officials from across the globe in Paris, France, at the Organisation for Economic Co-operation and Development (OECD) Inclusive Forum on Carbon Mitigation Approaches Ministerial Dialogue (IFCMA), titled “Optimising Global Climate Action through Data, Policy Advice and Increased International Cooperation”. 

“It is important for the world to understand that vulnerability is an important element to the stability of small countries like Barbados. And therefore, as we advocated under the Bridgetown Initiative, we really do need some urgent and decisive reform, not just to the International Financial Architecture, but really in terms of how the globe cooperates to achieve this very important objective,” Minister Straughn said. 

“The inclusive forum is critically important, especially for small states like Barbados. Being able to adequately measure and report on our climate mitigation and adaptation activities is a critical role that it can play in relation to that. But Barbados, as a small island state, we are also on the flip side a large ocean state. And therefore, the unlocking of the carbon credits market is going to be critical for allowing us to be able to ensure that with the just transition, even though we’re not large emitters, we are doing things that will help to be able to mitigate against the Climate Crisis,” he added. 

Minister Straughn was accompanied by Ambassador to Belgium and the European Union, Simone Rudder, and Barbados Revenue Authority Revenue Commissioner Lewis-Ward, and met with key French-Barbados stakeholders and with OECD Tax Policy officials to finalise discussions ahead of the implementation of Domestic Minimum Top Up Tax in May 2024. 

The high-level dialogue was moderated by OECD Secretary-General Mathias Cormann and featured contributions from Japan’s Prime Minister, Fumio Kishida; and OECD Chief Economist, Clare Lombardelli. The panel included the Netherlands’ Deputy Prime Minister and Minister of Social Affairs and Employment, Karien van Gennip; Indonesia’s Minister of Finance, Sri Mulyani; Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, Grace Fu; Chile’s Minister of Finance, Mario Marcel; and Mauritius’ Minister of Finance and Economic Development, Renganaden Padayachy. 

Prime Minister Fumio Kishida opened the session by discussing how better data and information sharing, evidence-based mutual learning, and inclusive multilateral dialogue through the IFCMA can support countries in optimising the global impact of their emissions reduction efforts. (PR)

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