The cur­rent glob­al fi­nan­cial sys­tem is fail­ing to ad­dress the ur­gent cli­mate and de­vel­op­ment cri­sis im­pact­ing small is­land de­vel­op­ing states, ac­cord­ing to Per­ma­nent Sec­re­tary in the Min­istry of Eco­nom­ic Af­fairs and In­vest­ment in Bar­ba­dos, Patrick Mc­Cask­ie.

Speak­ing at the two-day work­shop Un­lock­ing Cli­mate Fi­nance: Build­ing a Sus­tain­able Cli­mate Ar­chi­tec­ture for Bar­ba­dos, Mc­Cask­ie stressed that ex­ist­ing cli­mate fi­nance com­mit­ments “fall crit­i­cal­ly short of the amount need­ed to ad­dress glob­al chal­lenges.”

He not­ed that in­ad­e­quate fund­ing ham­pers world lead­ers’ ef­forts to tack­le cli­mate vul­ner­a­bil­i­ties in their re­spec­tive coun­tries.