Barbados prime minister Mia Mottley said today that net zero emissions "does not mean zero fossil fuels", adding that developing countries with oil and gas resources have to find a way to finance "our route to net zero".
Trinidad and Tobago and Barbados agreed to jointly explore oil and gas acreage along their maritime border in 2020. When Mottley — a strong advocate for Small Island Developing States — was asked at the FT Climate Capital Live conference today why Barbados would contribute to the global climate issue by allowing fossil fuel exploration, she replied that it was a question of "equity".
"At the end of the day if we can't find a way to finance net zero and the developed world which caused the problem is not funding us, how are you going to get there, and where is the equity?"
"There has to be a justice," she said, because developed countries "ask us to finance a way to net zero". She said that the advanced economies, which contributed the most to greenhouse gases emissions will continue to do so, and continue the exploration of their own resources.
She stressed that small and heavily indebted developing island states cannot carry the costs of adaption, and although there is currently more momentum in the private sector for financing net zero projects, this will not help them as they cannot "go to market and access funds easily".
She said progress was made at the UN climate conference Cop 26 in Glasgow last year, but "where we are faltering is the whole question of finance, and how do we finance adaptation while at the same time boosting stronger ambitious targets toward mitigation."
'Adaptation' refers to adjustments that have to be made in response to the impact of climate change, while 'mitigation' has to do with countries' efforts to reduce and avoid greenhouse gas emissions.
"Failure to mitigate has created a need of adaptation finance, for those on the frontline, because we live with the threat of disasters that can wipe out our annual GDP," she said.
Finance is likely to be a major focus again at the next UN climate conference, with the Egyptian Cop 27 president Sameh Shoukry saying the country wants to prioritise finance and mitigation in negotiations ahead of the event in November.
"All of us agree that there has to be a significant decline in [fossil fuel] production," Mottley said. The country updated its nationally determined contribution in July last year and has set a target for a fossil fuel-free electricity sector by 2030. Barbados is currently heavily reliant on oil imports, but aims to extend its use of solar, wind, biofuels and energy storage.
UN secretary general Antonio Guterres at the weekend called for a "prompt, well-managed transition to renewables" globally. "Fossil fuels are a dead end — for our planet, for humanity and for economies," he said.
