Small Island Developing States (SIDS) contribute less than 1% of global emissions but bear the most destructive effects of climate change. In the Caribbean, a single storm can devastate an entire nation, wiping out years of development progress in a matter of hours.
In 2024, Hurricane Beryl served as a harsh reminder of this vulnerability. Homes were destroyed, farms were wiped out, and power grids were demolished, leaving livelihoods, communities, and futures in disarray. This is the reality of loss and damage: the irreversible impacts that go beyond what adaptation can prevent or what recovery can restore.
The Global Response Must Match the Scale of Need
The establishment of the Loss and Damage Fund at COP27 was an important milestone, with further progress made at COP28 on operationalising the Fund. While this Fund is well on its way to being fully operational, its resources remain grossly insufficient given the magnitude of losses and damage being incurred by vulnerable countries every year.
CDB has been lobbying for significant increases of pledges to the Fund to ensure it is fit-for-purpose in responding to the needs of Caribbean countries and other highly vulnerable regions. Loss and damage funding is not charity, but a matter of equity and recognising that those who contributed least to the crisis should not bear its heaviest costs alone.
For the Caribbean, loss and damage finance is vital to securing a resilient future and represents a commitment to fairness and global accountability in addressing climate impacts.