The Fort Worth Press - 'Nowhere to run': Islands stress climate risk at finance summit

USD -
AED 3.672497
AFN 63.499117
ALL 79.869835
AMD 363.459803
ANG 1.790365
AOA 916.999954
ARS 1514.257398
AUD 1.40651
AWG 1.80125
AZN 1.701383
BAM 1.706252
BBD 2.014735
BDT 122.843521
BGN 1.683441
BHD 0.376975
BIF 3000
BMD 1
BND 1.274916
BOB 11.003708
BRL 5.101301
BSD 1.000301
BTN 95.56554
BWP 13.547596
BYN 3.03039
BYR 19600
BZD 2.011865
CAD 1.40693
CDF 2310.999992
CHF 0.821125
CLF 0.02399
CLP 947.249912
CNY 6.699803
CNH 6.69654
COP 3210.67
CRC 446.324973
CUC 1
CUP 26.5
CVE 96.197131
CZK 21.271797
DJF 177.719842
DKK 6.53145
DOP 59.25017
DZD 133.876781
EGP 51.629701
ERN 15
ETB 161.774656
EUR 0.873697
FJD 2.237198
FKP 0.747949
GBP 0.74955
GEL 2.59497
GGP 0.747949
GHS 11.570234
GIP 0.747949
GMD 73.517591
GNF 8757.495212
GTQ 7.633554
GYD 209.220461
HKD 7.843035
HNL 26.851323
HRK 6.581098
HTG 130.739368
HUF 316.344001
IDR 17821.25
ILS 3.014604
IMP 0.747949
INR 95.69185
IQD 1310.441394
IRR 1374650.000077
ISK 120.920415
JEP 0.747949
JMD 157.757218
JOD 0.708975
JPY 157.5345
KES 129.480139
KGS 87.450247
KHR 4051.999738
KMF 430.000103
KPW 900.000318
KRW 1350.25026
KWD 0.30857
KYD 0.833584
KZT 447.358319
LAK 22408.7241
LBP 89579.323882
LKR 329.228662
LRD 173.059223
LSL 16.226232
LTL 2.95274
LVL 0.60489
LYD 6.376417
MAD 9.55311
MDL 17.590327
MGA 4381.243184
MKD 53.73644
MMK 2099.019807
MNT 3596.806502
MOP 8.081186
MRU 40.053042
MUR 47.659917
MVR 15.459878
MWK 1734.612868
MXN 17.301325
MYR 4.080601
MZN 63.905152
NAD 16.225949
NGN 1323.799265
NIO 36.815543
NOK 9.44695
NPR 152.891351
NZD 1.748605
OMR 0.384502
PAB 1.000305
PEN 3.379266
PGK 4.456251
PHP 62.476031
PKR 277.214494
PLN 3.79919
PYG 5952.427688
QAR 3.636364
RON 4.609902
RSD 102.573512
RUB 84.248188
RWF 1476.460299
SAR 3.755168
SBD 8.026013
SCR 13.851793
SDG 601.499188
SEK 9.835705
SGD 1.27517
SHP 0.74758
SLE 24.650222
SLL 20969.491881
SOS 571.640424
SRD 37.739747
STD 20697.981008
STN 21.373953
SVC 8.752852
SYP 13002.000254
SZL 16.221592
THB 33.110238
TJS 9.227964
TMT 3.5
TND 2.947861
TOP 2.40776
TRY 48.840298
TTD 6.797006
TWD 31.690899
TZS 2645.00299
UAH 44.815682
UGX 3901.400648
UYU 40.165583
UZS 11818.48716
VES 851.341303
VND 26015
VUV 118.301728
WST 2.751033
XAF 573.107697
XAG 0.014846
XAU 0.000229
XCD 2.70255
XCG 1.802851
XDR 0.707052
XOF 573.107697
XPF 104.043167
YER 236.549794
ZAR 16.18001
ZMK 9001.201714
ZMW 19.481788
ZWL 321.999592
SSP 5712.529845
MXV 1.96099
  • RIO

    -0.3300

    97.04

    -0.34%

  • CMSC

    -0.0400

    20.67

    -0.19%

  • RELX

    0.0000

    33.41

    0%

  • RBGPF

    0.0000

    67.95

    0%

  • BCE

    -0.0700

    21.99

    -0.32%

  • BCC

    -0.0300

    75.66

    -0.04%

  • GSK

    0.8600

    51.08

    +1.68%

  • JRI

    -0.0300

    11.52

    -0.26%

  • NGG

    -0.1200

    76.68

    -0.16%

  • CMSD

    0.0900

    20.54

    +0.44%

  • BTI

    -0.0800

    55.75

    -0.14%

  • AZN

    2.0200

    168.1

    +1.2%

  • BP

    -1.4200

    43.16

    -3.29%

  • RYCEF

    0.4600

    19.7

    +2.34%

  • VOD

    0.0700

    17.02

    +0.41%

'Nowhere to run': Islands stress climate risk at finance summit
'Nowhere to run': Islands stress climate risk at finance summit / Photo: © AFP/File

'Nowhere to run': Islands stress climate risk at finance summit

Small island states sinking under rising seas are encouraged by a summit starting Thursday charged with revamping the global financial system to better cope with climate change and other 21st-century challenges, their representative to the talks told AFP.

Text size:

The two-day summit in Paris, hosted by France, "is very good news because it fits well with what we are trying to do", Samoa's Fatumanava Pa'olelei Luteru, chair of the Alliance of Small Island States (AOSIS), told AFP in an interview.

Sea levels sure to rise well into the 22nd century and cyclones made more deadly by global warming have put AOSIS' 39 low-lying island and coastal states on the front lines of climate impacts and UN talks.

Lacking political clout, they used moral persuasion in pushing the world to adopt the 2015 Paris Agreement's aspirational target of capping global warming at 1.5 degrees Celsius, since adopted as a near universal goal.

Today, these and other developing countries that have barely contributed to the problem -- but whose economies are shrinking as a result -- want access to international financial support to be based not just on economic criteria, but also on vulnerability.

"If a cyclone comes, it doesn't differentiate, it doesn't know if you're low-income, middle-income country or even a high-income country," said Luteru.

"It will set back your development years," he added. "That's especially true for atoll countries, they've got nowhere to run."

Concretely, AOSIS is calling for use of a multidimensional vulnerability index (MVI), and not just economic growth, within the workings of global finance.

"It's a tool," Luteru said. "We're not saying it should or will replace gross national income (GNI)," another standard measure of a country's ability to produce and earn. "It's a complement."

- All possibilities -

One of the measures on the table at the summit will be an international tax on carbon emissions from the shipping sector. A consensus in Paris could shape the outcome of a critical meeting in two weeks of the International Maritime Organisation (IMO).

"We should look at all the possibilities," Luteru said.

"For our small island developing states, shipping is critical in terms of both exports and imports as well, so we will need to look at that very carefully."

Beyond the financial issues, AOSIS's central goal has been the rapid reduction of greenhouse gas emissions, which remain at or near record levels.

Luteru points a finger both at advanced and major emerging economies -- the world's biggest carbon polluters: China, the United States, Saudi Arabia, the European Union, Brazil, and others.

"That's where we can make a huge difference," he said. "Eighty percent of global emissions come from G20 nations."

According to the UN's climate science advisory panel (IPCC), sea levels rose by between 15 and 25cm (six to 10 inches) from 1900 to 2018, and are set to rise by a further 43cm by 2100 in a world that warms by 2C.

The next major international climate conference, COP28, will take place in Dubai in December.

The incoming COP president Sultan Al Jaber, has come under fire because he is also head of United Arab Emirates national oil company ADNOC, with many green groups and some western legislators saying his role as a fossil fuel executive is a conflict of interest.

But the bloc of island states -- some of which support a fossil fuel non-proliferation treaty -- see this as an opportunity.

"Sometimes it's not about engaging only with those who share your perspective," said Luteru.

D.Johnson--TFWP