Closing remarks
H.E. Kenyeh Laura Barlay
Minister of Planning and Economic Development of Sierra Leone and Chair of g7+
High-level roundtable – 25 September 2024
“Climate action in crisis context: opportunities for development and private sector finance”
Your Excellencies, ladies and gentlemen,
As the Chair of the g7+ and a co-organizer of this event, I extend my sincere gratitude for your participation and valuable input today. While I won’t attempt to summarize our rich discussion, I want to emphasize some critical points for us as a group.
To set the stage: When we discuss climate change and climate action, we are addressing issues of global imbalance.
Firstly, there’s an imbalance between the countries causing climate change and those facing its dire consequences. This imbalance directly affects our discourse on responsibility for climate action.
Secondly, we observe a reversed imbalance when considering the burden bearers. Fragile countries, including many in the g7+, are disproportionately impacted by climate change. Heatwaves, floods, and crop losses are shaping our realities, compounding pre-existing crises and escalating violence, poverty, and instability. Over 50% of the countries most affected by climate change are also grappling with conflict.
This leads to my third point: the imbalance of resource allocation. While wealthier nations possess the resources to adapt to and prepare for climate change, conflict-affected countries like those in the g7+ lack the necessary means to build resilience. Currently, only one-eighth of climate financing is directed toward the most vulnerable countries, despite their pressing needs. Access to these resources is hindered by conditionality restrictions and risk assessments.
We urgently need effective solutions based on international solidarity and climate justice. This means providing low-income and conflict-affected countries with better access to resources. Both international financial institutions and private sector actors have the opportunity to be catalysts for change by overcoming existing barriers and focusing on the potential impact of climate investments.
Let us remember that investing in climate resilience can significantly reduce the costs of humanitarian responses to climate-induced incidents. The developmental potential in many fragile countries offers a considerable return on investment. By channelling funds into sectors like agriculture and infrastructure, the positive impact and benefits can far outweigh the risks involved.
A strategic approach is crucial. Investors can mitigate risks through public-private partnerships, collaborations with international climate funds, and leveraging risk-sharing instruments like guarantees and insurance. Engaging with local communities and aligning investments with national climate priorities can further enhance the effectiveness and sustainability of these initiatives.
Unlocking climate finance in conflict-affected countries is not merely about managing risks—it’s an opportunity to drive substantial returns while promoting resilience, sustainable development, and global climate action.
In this context, the g7+ remains committed to realizing the ambitions outlined in the Recovery, Relief, and Peace Declaration adopted at COP28.
Thank you for your attention.