Key words: Small island states, Climate change, Climate finance and Sustainability.

The naive white sand beaches, the turquoise sea and the welcoming breeze of the Cabo Verdean people make Cabo Verde a beautiful and unique tourist destination, situated in the heart of the Atlantic. It is an island country and faces significant challenges related to climate change, requiring structural interventions, especially with regard to climate finance. A more attuned look at countries with this specificity can enable Cabo Verde to keep up with global developments, promote economic growth, expand opportunities and, above all, tackle the visible effects that climate change has caused as a Small Island Developing State (SIDS).

Working on achievable goals and defining strategies to increase funding in order to meet demands is one of the most significant transformations that Cabo Verde must achieve. This will make it possible to effectively address this issue and mobilize resources to finance the consequences of climate change. Furthermore, it is urgent to face up to the challenges posed by climate change by implementing robust strategies for attracting climate finance, with a focus on protecting its natural environment and its communities.

To achieve this goal, Cabo Verde must think big and be ever more ambitious. It will take a range of efforts at all levels, from public-private collaboration, strategic partners, investing in the promotion of sustainable technologies and raising public awareness, the latter of which I consider to be one of the most challenging. Dream big! With all this commitment, Cabo Verde can position itself as a resilient example of adaptation and mitigation, preserving its unique beauty and guaranteeing a secure future for generations to come.

Going a little more theoretical, the concept of climate finance, as established by the United Nations Framework Convention on Climate Change (UNFCCC), has been evolving, and I consider it to be one of the greatest advances made worldwide. This is because, as climate negotiations progress and the needs of developing countries become more evident. This concept is defined as the structure of funds and financing mechanisms, created or regulated internationally, to support these countries in the climate transition and in mitigating the effects of climate change. We must agree that it is clear that there is no single definition, as this is a complex issue that can be analyzed from different perspectives. Furthermore, as far as negotiations are concerned, we are dealing with an ongoing process, which tends to evolve as new needs and challenges arise.

Still in this slightly more theoretical approach, climate finance is a fundamental pillar in the fight against the effects of climate change and represents the financial resources intended to mitigate the causes and impacts of climate change. I emphasize that this relationship should be mentioned, because financial resources are extremely important for containing mitigation, helping with adaptation and reducing the effects of loss and damage, thus promoting a just transition and the dignification of those with few resources, an issue that is even more aggravating when it comes to the small economy of an island state.

Cabo Verde is an LMIC (low-income country) and, despite progress in the area of climate policy, it still faces a number of challenges. These include combating the effects of climate change, effectively implementing mitigation mechanisms and mobilizing resources to make the National Adaptation Plan operational. In addition, the global economic and financial crisis also represents a significant obstacle in the never-ending search for resources to deal with the immediate effects of climate change, such as reduced rainfall and prolonged droughts, with an eye on the just transition.

In fact, the search for a just transition, combined with the need to incorporate new technologies into the climate context, is increasingly imposing new challenges on lower middle-income countries, which are already dealing with a shortage of financial and human resources, as well as a growing demand for funding. The bottom line is that we must invest heavily in developing local capacities and strengthening international partnerships, and make our turn and voice count in global discussions.

I continue to advocate that within the context of insularity for the benefit of Small Island Developing States, climate funds such as the Green Climate Fund (GCF), the Special Climate Change Fund (SCCF), the World Bank, the Inter-American Development Bank, should create mechanisms that allow these states access to funding with less bureaucracy, since these still emerging economies are the ones that are suffering the effects of climate change most acutely. How about creating a fund called the “SIDS Resilience Fund”? Betting on improving institutional capacity, reducing the complexity of processes, improving access conditions, promoting access to information in a clear and transparent way, can facilitate access for those who need it most. A different look at small island states. The challenges facing SIDS in terms of funding revolve around the lack of resources and the need for greater coordination between the different stakeholders.

As a parenthesis, I invite you to visit the Bay of Achada Leite, the Ribeira de Charco, the north side of the Rincão, the Ribeira de Sedeguma and the Ribeira de Saquinho, as well as some of the more remote areas of the municipality of Santa Catarina de Santiago. In times of abundant rainfall and radiant hope, these places were veritable oases of joy and vitality. Today, however, with growing emigration and rural exodus, these landscapes, which once vibrated with life, now face a sad silence. Despite a reduced population, the pain of low rainfall resonates deeply, leaving visible scars in the soil and in the souls of those who remain there. It is a collective lament that echoes in the streams, a plea to remember the rains that once brought prosperity and color. May we take note and fight for a future in which hope springs up again, bringing back joy and, at this moment, more and new investments to mitigate the effects of climate change in these places and beyond. A different look at our morabeza, which has always been so resilient. I say this for a very simple reason: my roots and identity originated in these places.

I want Cabo Verde to become a success story with many other island states by mobilizing more and more resources. The success stories of climate finance in small island and developing states that captivated me and that I think can be replicated in Cabo Verde are: the implementation of an early warning system for tsunamis and other extreme events in the Marshall Islands1, the development of an adaptation plan that includes measures to protect coastal ecosystems and strengthen the resilience of communities in Seychelles2, investment in renewable energy projects with the installation of solar systems in rural communities, thus reducing dependence on fossil fuels and consequently greenhouse gas emissions in Samoa3, as well as other examples of successes. It is clear that investing more and more in projects of this nature in the SIDS will strengthen small economies, limited institutional capacity and high public debt.

We must be a small big country. For this to happen, we need to increase funding for mitigation and adaptation in SIDS, highlighting the gaps between needs and available resources. We must look for innovative solutions, such as creative financial instruments, mobilization of private resources and cooperation between different actors. In addition, it is essential to invest heavily in public policies and governance, with special attention to local authorities and a focus on our diaspora. There are 22 municipalities with unique characteristics and a diaspora that has always embraced its homeland.

The Creole morabeza, my identity, the resilience of the Cabo Verdean people present in my bloodstream, in such a delicate context, deserve special attention. It is urgent to emphasize the importance of supporting these qualities, which are fundamental to Cabo Verde’s identity and strength. Now is the time to act. Let’s finance green, promoting a sustainable future.

Author

Jandira de Carvalho,
Planning Technician, DNP