“You can’t make a problem go away by throwing money at it” that’s a common statement, and in most cases, true. However, the progress of climate change in the past had constantly stubbed its metaphorical toe on the closed door of financing. When it comes to climate change in recent years, answering the financial call of climate Agencies, NGO’s and more developed countries have deiced to let the money talk, making available many avenues dedicated to ensuring climate change funds are with in reach.
Almost like a customized shopping experience, you can pick the funding source that best fits you, under the two banners of Mitigation and Adaption countries can either fight or adapt. From National Climate Funds to Grants, Loans and Depts Swaps garnering capital has never been easier. According to climatefundsupdate.org as of 2015 approximately US $25 million has been approved to aid in the climate change initiatives in Grenada, $303 Million for the Caribbean and Over $3000 million for Latin America. Astounding amounts and rightly so, the issue of climate change and climate smart initiatives demands global financial attention, at this point in this earth’s history the number of yearly natural disasters, rising sea levels, melting glaciers and disappearing coast lines, makes a clear case that should silence the remaining skeptics.
Now before you get giddy and flustered at the above-mentioned figures, full disclosure is needed. While these funds are approved and in most cases handed over to the respective governing bodies ensuring that they are put to the use intended is another matter. I refer to Transparency International “Some of the most climate-vulnerable countries in the world fare worst on our Corruption Perceptions Index. The money intended to improve and save lives could be lost through corruption”. With an average corruption score of 44 out of 100, the Americas have to step up their game.
Transparency and follow through when handling funds allocated for Climate change initiatives is imperative to achieve the Paris agreement goal of mobilizing $1 Billion by 2020. Corruption is the bad odor that lingers deterring potential investors and crippling the fund sourcing mechanisms.
Clearly, a rock and a hard place, the issue of climate change too important to ignore and misappropriate spending choking the financial pipes, a solution is needed. An urgent cry for integrity and honesty from all involved is being echoed across the region.
I end by admonishing the financing avenues, active and continuous updates must be demanded and then legitimised eliminating any and all corruption schemes equally as important encourage the continued involvement of journalism to ensure checks and balances, protecting the climate change fight.