Commonwealth officials have agreed a draft plan to accelerate investment and reform global finance systems, with Barbados pushing for formal recognition of the Bridgetown Initiative before heads of government meet later this year in Antigua.
High Commissioner to London Edmund Hinkson and the mission’s Minister-Counsellor, Dr Ricardo Kellman, were among representatives from the 56-member grouping of mostly former British colonies who met at the Commonwealth Secretariat in London to prepare the document ahead of the Heads of Government Conference (CHOGM) slated for November 1-4.
The draft will now be considered and decided on by Commonwealth foreign ministers when they meet at the start of the conference.
High Commissioner Hinkson said that in the draft document, Barbados’ primary interest is the Commonwealth’s reaffirmation of its commitment to, and recognition of the Bridgetown Initiative as an important multilateral platform for reform of the global financial system, particularly in recognition of the special characteristics and challenges of small island developing states and lesser developed countries.
Representatives agreed that all member states will continue to work together to address the structural barriers limiting access to climate finance by member countries, especially small island developing, less developed countries and other vulnerable states, and to support financial innovation, sustainability-linked financing and disaster-risk financing instruments to provide rapid and predictable liquidity in times of crisis and for adaptation, loss and damage.
The document also encourages the scaling up of climate-resilient and innovative sources and instruments of finance and insurance, including guarantees, sustainable bonds, risk-sharing mechanisms, blended finance, concessional loans, climate-resilient provisions and debt-pause clauses.
On the issue of reparatory justice for slavery and transatlantic slave trade, which was first introduced to Barbados and then developed throughout Britain’s former colonies in the Americas, the Commonwealth officials agreed to defer the matter for the decision of the foreign ministers.
(EJ)
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