[ad_1]
ROZO, Nov. 25, 2022 (GLOBE NEWSWIRE) — The recent COP27 gathering brought together nations from around the world to address the climate challenges facing the world. While much has been said about the commitments made by First World leaders such as United States President Joe Biden, many developing countries still face challenges similar to those they faced before the gathering.
Biden announced US support for the Global Shield, a G7 initiative to better protect vulnerable countries in Africa and the Caribbean from climate-related losses and respond quickly to climate-related damages by expanding access to risk-based insurance. The G7-led Partnership for Global Infrastructure and Investment is said to be working to meet critical infrastructure needs in low- and middle-income countries with a particular focus on climate.
While the COP27 agreement to establish a fund for loss and damage caused by extreme weather conditions is a major milestone in the collective effort to increase climate resilience, developing countries have been striving for such a facility for decades. No agreement has yet been reached on how the fund will be formed, how it will be financed and who or which countries will finance it.
Developing countries have also lobbied for reform of the World Bank and other publicly funded financial institutions seen as failing to provide finance to developing countries to adapt to the climate crisis and help reduce greenhouse gas emissions.
In 2009, richer countries agreed that at least US$100 billion per year would be provided to developing countries by 2020 from public and private sources to help these countries in their climate efforts. However, this goal remains unfulfilled.
The US is the second largest emitter of CO2 after China and the largest historically. In 2019, US greenhouse gas emissions were 6.558 million metric tons of carbon dioxide equivalent – a two percent increase from 1990, while Dominica accounted for 0% of global CO2 emissions over the same period according to to the Worldometer.
In a recent open letter by Nigerian President Muhammadu Buhari, published in the run-up to COP27, he referred to what the UN Secretary-General called a “climate of mistrust” pervading our world. He wrote: “First, rich countries should direct more of their resources to adapting developing countries to the consequences of climate change.” Most funding currently flows to mitigation projects, such as renewable energy projects, that reduce emissions. While such projects have their benefits, much more money is needed to help Africa adapt to the effects of climate change — which seems fair for a continent that produces less than 3 percent of global emissions.
Caribbean nations like Dominica face similar challenges. As a small island nation that has not caused global warming to levels close to those of developed countries, Dominica is disproportionately suffering the consequences of adapting to massive changes in weather conditions.
Instead of relying on foreign financial aid, Dominica serves as a good example of a small island developing state (SIDS) that uses funds received through its highly successful Citizenship by Investment (CBI) program to support climate resilience and green energy programs.
According to the UN, Small Island Developing States (SIDS) are a special group of 38 UN member states and 20 non-member/associate members of the United Nations regional commissions that face unique social, economic and environmental vulnerabilities.
While COP27 countries have agreed to gradually reduce coal use, as they did during COP26, the Commonwealth of Dominica already gets 28% of its energy needs from renewable energy sources such as hydropower and wind. In March 2019, the World Bank approved a US$27 million project to support the construction of a small 7 MW geothermal power plant in the Roseau Valley area of Dominica, which aims to increase the share of renewable energy sources, diversify the country’s energy matrix and identify clear a roadmap for private sector investments in geothermal development.
“The geothermal power plant demonstrates Dominica’s commitment to resilience. “Projects like the geothermal power plant put Nature Island ahead of the world in the fight against climate change while freeing the nation from reliance on imported fossil fuels,” said Micha Rose Emmett, CEO of the world’s leading government advisory and marketing firm, CS Global Partners.
The country’s funding efforts are focused on upgrading and expanding its road network, including adjusting bridges to be higher to allow water and waste to overflow, building resilience in the local housing sector, and upgrading health facilities and hospitals. Funds are also targeted to support climate resilience programs in agriculture, education, reforestation, community preparedness training and food security.
The Dominican CBI program is one of the best in the world, ranked as the number one program of its kind for five consecutive years by the CBI Index. This is a ranking system published by the Financial Times Professional Wealth Management (PVM) magazine. With a minimum investment of US$100,000 per applicant, successful applicants receive lifelong citizenship, with the right to live and work in the country. Dominica also offers increased global mobility and visa-free access to over 80 countries worldwide, in close proximity to the North American market for those with business interests. Successful applicants retain the right to dual citizenship and citizenship can be passed on to future generations. Applicants can choose to invest by making a substantial contribution to the Economic Diversification Fund (EDF) or have the option to purchase a government-approved property for at least US$200,000 that must be held for at least three years.
[ad_2]
Source link
