⬇️ Days after Jamaica's most powerful hurricane on record, and one week before #COP30, GRR's Emily Wilkinson and Avinash Persaud write on the urgent need to plug finance gaps that are leaving small island nations exposed to climate disasters and rising seas. Read in Climate Home News:
As Hurricane Melissa leaves a trail of devastation across the Caribbean, my thoughts are with the communities facing untold loss and uncertainty in its aftermath. Once again, we are reminded that rising global temperatures are driving stronger and more unpredictable storms, with small island nations bearing the brunt. For SIDS, these events pose an existential threat, trapping countries in cycles of disaster, debt and recovery. Without increased climate action, hurricanes like Melissa will become ever more intense and impacts will increase. It is clearer than ever that the world must scale up affordable, long-term finance for adaptation and resilience. In today’s op-ed for Climate Home News, co-authored with Inter-American Development Bank’s Avinash Persaud, we highlight how innovative approaches — from debt pause clauses and debt-for-resilience swaps, to reducing the cost of capital and scaling blended finance— can help to address the climate finance gap. Yet, the scale of destruction we are witnessing shows that far more can be done, including by MDBs, to unlock the level of investment needed in climate-vulnerable nations. Every dollar invested in resilience can save up to ten in avoided losses. The global community must move faster to raise adaptation ambitions and avoid spiraling debt. Please read the full article here: 🔗https://lnkd.in/ea4gYbjj ODI Global ODI Global Risks and Resilience #DisasterPreparedness #RESI #ClimateFinance #Resilience #SIDS #BridgetownInitiative #Adaptation #ClimateAction