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

USD -
AED 3.672991
AFN 65.000219
ALL 81.750787
AMD 378.259749
ANG 1.79008
AOA 917.000322
ARS 1447.487701
AUD 1.43303
AWG 1.8025
AZN 1.700263
BAM 1.65515
BBD 2.013067
BDT 122.134821
BGN 1.67937
BHD 0.376994
BIF 2949.955359
BMD 1
BND 1.271532
BOB 6.906503
BRL 5.2577
BSD 0.999467
BTN 90.452257
BWP 13.162215
BYN 2.854157
BYR 19600
BZD 2.010138
CAD 1.367585
CDF 2199.999709
CHF 0.77668
CLF 0.021767
CLP 859.060427
CNY 6.938202
CNH 6.94274
COP 3628.74
CRC 495.478914
CUC 1
CUP 26.5
CVE 93.31088
CZK 20.665802
DJF 177.720242
DKK 6.328975
DOP 62.700992
DZD 129.732318
EGP 46.901199
ERN 15
ETB 154.846992
EUR 0.84762
FJD 2.2071
FKP 0.729917
GBP 0.732865
GEL 2.694999
GGP 0.729917
GHS 10.974578
GIP 0.729917
GMD 72.999744
GNF 8771.298855
GTQ 7.666172
GYD 209.107681
HKD 7.81225
HNL 26.40652
HRK 6.386302
HTG 131.004367
HUF 321.868003
IDR 16794.85
ILS 3.094805
IMP 0.729917
INR 90.44665
IQD 1309.366643
IRR 42125.000158
ISK 122.73999
JEP 0.729917
JMD 156.730659
JOD 0.709013
JPY 156.675501
KES 128.949686
KGS 87.450254
KHR 4034.223621
KMF 417.999729
KPW 899.945137
KRW 1460.14997
KWD 0.30731
KYD 0.83291
KZT 496.518171
LAK 21498.933685
LBP 89504.332961
LKR 309.337937
LRD 185.901857
LSL 15.973208
LTL 2.95274
LVL 0.60489
LYD 6.316351
MAD 9.162679
MDL 16.911242
MGA 4427.744491
MKD 52.240134
MMK 2099.936125
MNT 3569.846682
MOP 8.043143
MRU 39.687396
MUR 45.879977
MVR 15.449775
MWK 1732.791809
MXN 17.344215
MYR 3.93203
MZN 63.750183
NAD 15.973816
NGN 1368.559867
NIO 36.779547
NOK 9.682405
NPR 144.74967
NZD 1.669215
OMR 0.384497
PAB 0.999458
PEN 3.359892
PGK 4.282021
PHP 58.974975
PKR 279.546749
PLN 3.57536
PYG 6615.13009
QAR 3.645472
RON 4.317897
RSD 99.504971
RUB 76.255212
RWF 1458.735317
SAR 3.750238
SBD 8.058101
SCR 13.714455
SDG 601.523681
SEK 8.99609
SGD 1.273145
SHP 0.750259
SLE 24.475007
SLL 20969.499267
SOS 570.224434
SRD 37.894025
STD 20697.981008
STN 20.734071
SVC 8.745065
SYP 11059.574895
SZL 15.972716
THB 31.747042
TJS 9.340239
TMT 3.51
TND 2.890703
TOP 2.40776
TRY 43.52501
TTD 6.770395
TWD 31.644498
TZS 2580.289759
UAH 43.116413
UGX 3558.598395
UYU 38.520938
UZS 12251.99609
VES 371.640565
VND 25982
VUV 119.556789
WST 2.72617
XAF 555.124234
XAG 0.011742
XAU 0.000204
XCD 2.70255
XCG 1.80131
XDR 0.68948
XOF 555.135979
XPF 100.927097
YER 238.374993
ZAR 16.12195
ZMK 9001.208602
ZMW 19.565181
ZWL 321.999592
  • SCS

    0.0200

    16.14

    +0.12%

  • RYCEF

    -0.3200

    16.68

    -1.92%

  • RBGPF

    0.1000

    82.5

    +0.12%

  • CMSD

    -0.0700

    23.87

    -0.29%

  • BCC

    5.3000

    90.23

    +5.87%

  • RIO

    0.1100

    96.48

    +0.11%

  • GSK

    3.8900

    57.23

    +6.8%

  • CMSC

    -0.0400

    23.62

    -0.17%

  • BCE

    0.2400

    26.34

    +0.91%

  • NGG

    1.5600

    87.79

    +1.78%

  • JRI

    0.0300

    13.15

    +0.23%

  • VOD

    0.4600

    15.71

    +2.93%

  • RELX

    -0.7300

    29.78

    -2.45%

  • AZN

    3.1300

    187.45

    +1.67%

  • BTI

    -0.2400

    61.63

    -0.39%

  • BP

    0.3800

    39.2

    +0.97%

'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