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Mottley urges reform of the unfair, outdated global financial system

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In Science and Space: Ms. Mottley spoke extensively in her speech about the need to update the dated global financial system to better reflect current circumstances, such as facilitating easier access to capital for countries affected by climate change.

She urged the establishment of a global agreement stating that loans for development must be at least 30 years in length and cannot be given out on a short-term basis.

Indeed, she stated that the World Bank and the International Monetary Fund (IMF), which were established by the Bretton Woods Agreement, “no longer fulfil the role that they served in the 20th century.”

She gave the example of how the world acknowledged this when it permitted Britain to take part in the refinancing of its World War I bonds, which were only paid eight years ago, 100 years after the war had begun.

Ms. Mottley also brought up the topic of loss and damage and applauded Denmark for being the first industrialised country’s central government to suggest a fund for this reason, which would actually directly aid countries on the front lines of the climate problem.

Any effort to deny that the climate issue is caused by humans is an admission that we wish to be complicit in the ongoing loss of life and damage to property that results for those who are its victims, she said. The Prime Minister urged nations to accept responsibility because without it, nothing would change in the world.

“If we are to make any progress in rescuing our earth, the commitments of loss and harm are very crucial… Breaking commitments won’t win us the trust that will motivate us to fight for the important causes of our day, she said. She also emphasised that even while small States like Barbados have committed to net zero emissions, the current status of the world, which includes Atlantic hurricanes, the conflict in Ukraine, and a lack of funding, prevents them from stopping their existing access to their natural gas resources.

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The president of Barbados also cited the president of the United States’ remarks from earlier this week and backed a Security Council overhaul. “We do more than just summon an echo for it. We feel that a Security Council with a few people still holding the veto power would continue to push us toward conflict, as we have seen this year, therefore the reform must also involve eliminating that veto, she added.

She stated that adopting a transparent framework would enable the people who are losing faith in institutions to realise that justice does matter in order to go from “possibilities” to “reality.” “To achieve peace, love, and prosperity in our world, fairness and cohesion are required. And this is not romanticism; rather, they are harsh truths that only call for choices, she said.

She emphasised, “How could it be expected to demonstrate justice and transparency in its decision-making?” Additionally, Ms. Mottley advocated for the restructuring of the G20 and G7 organisations, saying Barbados “cannot accept” these “informal committees of governance” as long as they exclude 1.5 billion people from the world and lack representation from people of African origin.

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