President of the Caribbean Development Bank (CDB/the Bank), Mr. Daniel M. Best, issued a strong call for significantly increased climate financing and climate justice for the Caribbean at the 30th United Nations Climate Change Conference (COP30) currently underway in Belém, Brazil.

During an address to the High-Level Ministerial Roundtable on pre-2030 ambition on November 18, President Best urged global leaders to confront the widening gap between climate ambition and real support for the world’s most vulnerable regions. He highlighted the Caribbean’s escalating climate emergency, noting that five Category 5 hurricanes have hit the region in just eight years, causing social dislocation, environmental damage, and overwhelming economic losses.

Hurricane Maria, which ravaged Dominica in 2017, caused USD1.3 billion in damage and losses, equivalent to 226 percent of the country’s Gross Domestic Product (GDP). Hurricane Dorian inflicted more than USD3.4 billion in damage when it devastated The Bahamas in 2019. Now, the Government of Jamaica estimates that losses from the recent passage of Hurricane Melissa could reach as much as USD7 billion.

“The scale of these disasters is catastrophic,” President Best explained. “Single events have caused losses exceeding entire national GDPs, with widespread damage to infrastructure, livelihoods, and ecosystems. Year after year, our islands endure climate-related shocks that erase decades of development.”

Urging the international community to match “ambition to action”, the CDB Chief said, “We call on donor countries to significantly increase their contributions to the Fund for Responding to Loss and Damage to ensure it adequately addresses the severe losses and damage incurred by vulnerable countries annually.”

He added: “We support the Roadmap to Belém’s call for USD1.3 trillion annually, and we echo the voices of Small Island Developing States calling for justice, not just survival, but the opportunity to thrive. Caribbean nations need outcomes that prioritise equity and justice, including mechanisms to address loss and damage, predictable and accessible financing, and meaningful partnerships and support to build resilience at the community level.”

The CDB is among the regional organisations at COP 30 advocating for increased support for climate adaptation, disaster recovery and loss and damage as the Caribbean grapples with increasingly severe impacts from Climate Change. The Bank is hosting and participated in several events in Belem to highlight the region’s extensive needs considering its severe vulnerabilities.