During his speech at the 80th session of the United Nations General Assembly (UNGA) in New York City, Jamaican Prime Minister Andrew Holness emphasized the urgent need for increased climate financing for developing nations, including Jamaica. Holness highlighted the unmet UN pledge of $100 billion annually for climate initiatives and the inadequately funded loss and damage fund established at COP 28. He stressed that developed countries must fulfill their commitments and enhance financial support, acknowledging that adaptation is critical for the survival of small island developing states (SIDS).
Holness criticized the global financial system as ‘fundamentally flawed,’ noting that it unfairly penalizes reforming economies like Jamaica with high borrowing costs while disregarding their vulnerabilities. Despite Jamaica’s significant progress in reducing its debt-to-GDP ratio from 144% to 62% through disciplined fiscal management, the country remains excluded from concessional financing due to outdated metrics based solely on per capita income.
The Prime Minister underscored Jamaica’s leadership in climate action, despite limited resources. The nation has committed to achieving net-zero emissions by 2050 and has implemented a national adaptation plan with targeted measures to enhance resilience across key sectors. Additionally, Jamaica is on track to meet its renewable energy target of 50% by 2030. However, Holness warned that these efforts, along with those of other nations, are severely hindered by the lack of predictable access to climate financing. He called for a more equitable and responsive global financial system to support vulnerable countries in their fight against climate change.