‘Equitable finance needed to address climate change’ – PM Phillips
Equitable finance is needed to address the global issue of climate change and stimulate a more proactive response to the environmental hazard.
This was robustly stressed by Prime Minister Brigadier (Ret’d) Mark Phillips during his feature address at the recent 157th anniversary ceremony of the Confederation of Canada.
“Equitable access to climate finance remains the hallmark of the global response. Climate finance is needed for mitigation while large-scale investments are also required to significantly reduce emissions and reduce the impact of climate change,” the prime minister said while speaking at the event held at the Pegasus Hotel and Corporate Suite.
The country has since observed that the scale of finance for disbursement is not enough to eradicate climate change.
According to the prime minister, the global financial system must be reformed.
Guyana commends Canada’s announcement at the 28th United Nations Climate Change Conference\ Conference of the Parties (COP28) of CAN $60 million towards the start-up cost of the global fund for lost and damaged, and another investment of CAN $32.2 million to the Special Climate Change Fund.
These investments will add great support and value to the reform process and the financial architecture of addressing climate change.
Additionally, although Guyana is a small low-lying state, it still experiences the extreme impact of climate change like some of its sister states in the Caribbean.
Prime Minister Phillips stressed that the country will continue to monitor the far-reaching implications of climate change while actively observing the need for energy security.
“Guyana will continue to advocate for a balanced and commensurate global response that will proportionately address mitigation, adaptation, loss, and damage,” Prime Minister Phillips asserted.