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Cuba calls at COP26 Summit for a new financial architecture

Cuba calls at COP26 Summit for a new financial architecture

Glasgow, Nov 4 (Prensa Latina) Cuba called to create a new, just, transparent and equitable financial architecture to aid developing countries to mitigate and adapt to the impact of climate change.
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The scope, scale and speed of climate financing by developed countries is not enough, and works for a new global financing goal needs to be accelerated and deepened, the Cuban Minister of Science, Technology and Environment (CITMA) Elba Rosa Pérez said at the 26th COP26 Climate Summit.

Speaking on Tuesday, Ms. Pérez stated this new financing system must be based on the principle of common but differentiated responsibilities and respective capacities.

It is necessary to ensure visibility and availability of sufficient financial resources to meet the needs identified by developing countries, both for mitigation and adaptation and loss and damage associated with climate, she stressed.

In this regard, Ms. Pérez laid stress on the need for island states, such as Cuba, to be financially supported to heal damage caused by extreme weather events such as hurricanes.

Ms. Pérez also urged for the simplification of mechanisms to access available funds, and pointed out that Cuba has so far achieved the approval of two projects of the so-called Green Fund after a long and sometimes thorny efforts.

In this regard, Ms. Pérez rejected any measure that could imply the exclusion or limitation for some developing nations from receiving financing for international projects established in the 2015 Paris Agreement on climate change.

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