Centering #LossAndDamage in the New Collective Quantified Goal on Climate Finance (#NCQG)

As COP29 unfolds, discussions surrounding the New Collective Quantified Goal on Climate Finance (NCQG) have remained intense, with a critical point of contention being the allocation of funding. Leading up to Baku and continuing within the current negotiations, the prioritization of funding has favored mitigation and adaptation, overshadowing the crucial issue of loss and damage.

This imbalance appears to reflect the globally staggered nature of #climatechange impacts; however, for The Bahamas and other small island developing states #SIDS, the unavoidable consequences are not a distant threat, but it is our reality today, tomorrow, and the days after.

Let's clarify these three pillars of #climateaction:

Mitigation

Mitigation efforts address the root cause of climate change by aiming to reduce greenhouse gas emissions (i.e. carbon dioxide, methane, etc), thus slowing or preventing further warming. This involves a global shift away from fossil fuels and towards cleaner, more sustainable energy sources. Examples include: transitioning to renewable energy technologies like solar, wind, and hydropower or improving energy efficiency in buildings and industries.

The overarching goal of mitigation is to limit the severity of future climate change impacts and prevent the planet from crossing dangerous temperature thresholds. And while The Bahamas, like all SIDS, contribute very little to greenhouse gas emissions, we are showing leadership with ambitious mitigation targets and actions, for example, the 41 mitigation actions outlined in our country's updated Nationally Determined Contributions (NDC) and New Energy Era initiative.

Adaptation

Adaptation encompasses a range of actions designed to adjust to the current and anticipated effects of climate change, thereby building resilience and reducing vulnerability. This includes both physical adaptations, such as establishing coastal defenses against rising sea levels and strengthening infrastructure to withstand extreme weather events or improving disaster preparedness and response mechanisms. This category of actions aims to minimize the negative impacts of climate change that are already being experienced or are projected to occur in the future.

In The Bahamas' context, the Ministry of Health has recently launched a Health National Adaptation Plan (HNAP), we are leveraging adaptation co-benefits in the water and cooling sector by advancing Ocean Thermal Energy Conversion across multiple islands, and many more actions, which have been captured in our Third National Communications to the UNFCCC.

Loss and Damage

Loss and damage seek to address the irreversible impacts of climate change that occur despite mitigation and adaptation. These unavoidable losses—including displacement, economic devastation, and the loss of livelihoods, culture, and biodiversity—disproportionately affect vulnerable nations least responsible for the crisis. Therefore, it is an instrument of #climatejustice and must be a critical component of climate finance. While often framed as "climate reparations," it is crucial for building resilience and ensuring a more equitable and sustainable future, representing a necessary investment in global solidarity.

The current emphasis on mitigation and adaptation within the NCQG negotiations has come at the expense of adequately addressing loss and damage. Why this imbalance is so problematic is perfectly captured by Harjeet Singh, a senior advisor and loss and damage expert at Climate Action Network:

“This system [the UN] has money if you want to put up solar panels, it has money if you want to retrofit your home (of course, not enough), but it doesn’t have money when people are losing their homes. It’s a clear gap. Somebody who is drowning, we say: ‘We can’t help you now, but if you survive, we may help you prepare for a future disaster.’”

As the above illustrates, relief, recovery, adaptation, and mitigation are not separate entities but interconnected components of a comprehensive climate strategy. Without robust relief and recovery efforts funded by loss and damage, countries like The Bahamas cannot build the resilience needed to adapt to future climate impacts or invest in the transformative changes required for mitigation.

While the Loss and Dame Fund established at COP28 appeared to be a step forward for some, accepting it as "adequate" would be a hollow victory for SIDS and other heavily impacted nations. As of November 12, 2024, the Fund has garnered commitments of $720 million (USD) – with only $10 million being mobilized (as of the writing of this article) - this is a drop in the ocean compared to the figures from my previous article on recent loss and damages in the Caribbean:

For example, The Bahamas in 2019 experienced $3.4 billion (USD) in loss and damages due to Hurricane Dorian. Most recently (2024), private insurers in the Caribbean were estimated to pay out half a billion (USD) in damages due to Hurricane Beryl.

OR the projected climate-related damages of $447 billion to $894 billion annually by 2030. This funding gap is simply unacceptable.

The Bahamas, along with other SIDS and similarly vulnerable nations, bear a disproportionate burden of climate change impacts despite contributing minimally to the problem. The loss and damage should be formally integrated into the NCQG mandate, not as a voluntary add-on, but as a core pillar of #climatefinance. Anything less is a failure to address the urgent needs of those on the frontlines of the climate crisis. We must #StandUpForSIDS.