After Hurricane Melissa devastated Jamaica this week on its way across the Caribbean, expert analysis suggests the island nation is in line for hundreds of millions of dollars in payouts from innovative forms of insurance policies like catastrophe bonds to help it recover.
Jamaica’s finance minister Fayval Williams said in June that the country had disaster financing coverage worth 130.6 billion Jamaican dollars (US$820 million). The country has insurance with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and a $150-million catastrophe bond, which experts say is likely to pay out in full.
Finance and climate researchers praised the Jamaican government’s foresight in arranging cover, which is likely to bring much-needed and relatively fast funds to help the country cope and rebuild. Sara Ahmed, advisor to the Climate Vulnerable Forum, commended Jamaica for “its leadership in deploying a mix of risk financing tools as climate change intensifies tropical storms and hurricanes”.
The executive director of the UN’s Green Climate Fund (GCF) Mafalda Duarte told Climate Home News on Thursday that, while the GCF currently has limited involvement in insurance, it is exploring more such investments. “A lot more needs to be done in this area,” she said.
But, while praising Jamaica’s government, other climate and finance analysts warned that the scale of the payouts is unlikely to come close to covering the losses from the hurricane and argued it is an injustice that small-island taxpayers who contributed little to the climate crisis are the ones who pay the insurance premiums – which are now likely to rise after this week’s disaster.
Catastrophe bonds
Catastrophe bonds originated in the US in the 1990s as a way to get investors – rather than insurance companies – to cover the risk of events like hurricanes and earthquakes deemed rare but severe. The World Bank has since promoted their roll-out to developing countries like Jamaica.
Earlier this year, finance minister Williams told Bloomberg: “We are situated in the hurricane belt and when the hurricane hits us, it can hit us very hard and damage roads, infrastructure – it takes us out for a while.”
She said Jamaica had issued catastrophe bonds because “the day the [meteorological] office tells us that a very severe hurricane is on the way towards us – it’s too late to do the planning; so you plan well ahead of the eventuality of that catastrophe.”
The scale of the economic damage from Hurricane Melissa is still unclear but is likely to run into tens of billions of dollars, according to preliminary estimates. Pepukaye Bardouille, special adviser on resilience to the government of Barbados, told a press briefing on Friday that a $150-million payout was a “drop in the ocean” but useful as part of a stack of solutions.
Connor Meenan, a disaster risk specialist from the UK-based Centre for Disaster Protection, told Climate Home News that “the real value” of insurance is that “on day one, they’ve got certainty about a significant amount of money that they can call on in the near term so they can focus on directing that where it needs to be spent”.
“It’s certainly put them in a better position than it would have been had they not made all these efforts to put their finances in place ahead of time,” he said.
Unsustainable and unfair?
Ritu Bharadwaj, IIED’s director of climate resilience and loss and damage, warned that as the Earth’s climate heats up and catastrophes become more frequent, investors become less willing to bet against them happening, demanding higher premiums to do so. “It will become uninvestable,” she said.
Critics also raised climate justice concerns. Jamaica is in line for payouts because its government has been paying insurance premiums, which have to be large enough to entice investors to take on the risk of a disastrous hurricane occurring. Many countries whose governments are paying catastrophe bond premiums do not suffer catastrophes and so lose their money.
Bharadwaj said it was “unfair” that taxpayers in countries like Jamaica are having to pay to insure against climate disasters they only played a small part in creating. Jamaica’s per-person emissions are about half the world average.
Conditions on when bonds pay out can also be strict, based on triggers like agreed wind speeds and central air pressure, with exact criteria varying in different parts of a country depending on historic precedents.
Last year, Jamaica missed out on a payment because, despite Hurricane Beryl causing about $1 billion of damage to the island, these triggers were not met.
Fending for themselves
Bharadwaj added that financial support from wealthy countries – like that in the UN’s new Fund for Responding to Loss and Damage (FRLD) – is insufficient to meet countries’ needs. The FRLD has $407 million in its bank account, which she said is likely far less than the losses suffered by Jamaica, let alone all the other countries in need of funding after climate-driven disasters.
Because of this “failure” of developed countries, multilateral development banks and the private sector to offer adequate funding, developing countries have to “fend for themselves”, she said.
As well as catastrophe bonds, she said governments should issue bonds – as Fiji has done – to raise money to invest in resilience measures. This can include dedicated resilience projects like flood defences and sea walls or making infrastructure like coastal hotels in Jamaica better able to withstand extreme weather, she said.
This spending, she said, should be seen as “not just doing good, not just impact investing [but] an investment that will yield benefit in the future” by preventing loss and damage.
Avinash Persaud, climate adviser to the president of the Inter-American Development Bank, argued in a recent article for Climate Home News that developing countries should have some of their debt written off if they invest in resilience.
Persaud’s native Barbados launched the world’s first of these debt-for-resilience swaps last year and a “multi-guarantor debt for resilience facility” is expected to be launched by international development banks at COP30 this month to make such swaps available to more countries.
Persaud and Bardouille have also argued for more lenders to introduce clauses saying that debt repayments will be paused when a disaster like a hurricane strikes.
The post Jamaica set for post-Melissa payout but experts warn of limits to hurricane insurance appeared first on Climate Home News.
Jamaica set for post-Melissa payout but experts warn of limits to hurricane insurance
Climate Change
Your Summary of Negotiations: Nov. 22
There’s been a lot of chatter about Roadmaps in Belem. The WWF and Greenpeace have led a call for a roadmap to end deforestation. Currently, 45 countries have indicated support. More than 80 countries have called for a roadmap to phase out fossil fuels. Additionally, there are four other roadmaps on finance from developed to developing countries. Climate Action Network wonders, “Roadmap or mazes? Will those lead us somewhere, or will we be even more lost with so many of them?!”
Brazil’s TFFF plan has raised $5.5bn — far below even Brazil’s reduced target of $10bn by next year. Norway, Brazil, Indonesia, Portugal, France, and the Netherlands have all committed to pay into the fund, while Germany has said it will announce its contribution soon. The UK and China, on the other hand, do not plan to pay in.
Away from COP30 negotiations, talks continued over the COP31 host, with Türkiye and Australia striking a compromise: Türkiye will host the conference, and Australia’s climate change and energy Minister, Chris Bowen, as COP president, will chair the talks.
UN Secretary General, António Guterres, returned to Belém on Thursday to urge the world’s nations to find compromises in the final hours of COP30 and deliver a deal to accelerate climate action: “We are down to the wire and the world is watching… The world must pursue a just, orderly, and equitable transition away from fossil fuels.”
On Tuesday, COP30 hosts Brazil produced a first draft of an agreement between nations at the UN climate talks after negotiations on the sticking points stretched late into the night. The nine-page “Global Mutirao” document – a reference to an Indigenous concept of uniting toward a common goal – came after Brazil on Monday urged delegates to work day and night to produce an agreement by midweek.
Over the next few days, negotiations intensified. On Friday morning, the Presidency published its new mutirão text that contains no mention of a phase-out of fossil fuels. At least 29 nations threatened to block any draft without this phase-out and then rejected the text. The letter states, “We cannot support an outcome that does not include a roadmap [on fossil fuels].” Countries that signed the letter in favor of the fossil fuel phase-out include: Austria, Belgium, Chile, Colombia, Costa Rica, Croatia, Czechia, Estonia, Finland, France, Germany, Guatemala, Honduras, Iceland, Ireland, Liechtenstein, Luxembourg, the Marshall Islands, Mexico, Monaco, the Netherlands, Panama, Palau, Slovenia, Spain, Sweden, Switzerland, the UK and Vanuatu. Another bloc of around 80 countries, that includes Saudi Arabia, Russia and some other petrostates, as well as some countries dependent on consuming fossil fuels is negotiating against the fossil fuel phase out roadmap.
Colombia and the Netherlands also announced that they will co-host the First International Conference on the Just Transition Away from Fossil Fuels in Santa Marta, Colombia, in April next year.
The climate talks are now likely to continue into the weekend. The European Union’s commissioner for climate, Wopke Hoekstra, warned there was a risk of no agreement being reached, and expressed dismay at the current text saying there was no science, no mention of a transition for fossil fuels, no global stocktake.
No UN climate conference has finished on time since 2003.

Aside from the fossil fuel debate, other issues also remain to be resolved, including a response to the fact that countries’ national climate plans are too weak to limit global heating to 1.5C above preindustrial levels as set out in the 2015 Paris agreement, and questions of finance, trade and transparency, and how much cash developing countries will receive to help them adapt to the impacts of the climate crisis.
The issue of gender has become contentious and has been lifted by the COP30 Presidency from technical negotiations to a higher political level with ministers. Conservative nations — from the Vatican to Iran — are pushing to narrow the definition of gender at COP30 to exclude trans and non-binary people, which threatens to increase the difficulty of already torturous negotiations. The effort uses footnotes in key texts to attach country-specific interpretations. Paraguay, Argentina, Iran, Indonesia, Malaysia, as well as the Vatican have so far entered footnotes into the draft Gender Action Plan (GAP) meant to guide work for the next decade. Similar footnotes have also appeared in a text related to the “just transition” — the framework to shift to environmentally sustainable economies without leaving workers and communities behind.
Outside the negotiating rooms, civil society groups have complained about the “militarization” of the COP30 venue, which is now guarded by heavily armed officers in riot gear following UNFCCC chief Simon Stiell’s complaints earlier. Indigenous activists say they feel particularly targeted.
The Global Afro Descendants Climate Justice Collaborative is calling for Afro-Descendant peoples to be recognized as a formal constituency within the UNFCCC. Their petition states, “For generations, Afro-Descendant and African communities have been at the heart of global struggles for equity, justice, and renewal. We are the descendants of those who cultivated, resisted, and rebuilt. We have carried the wisdom of sustainable living, the memory of displacement, and the spirit of resilience that continues to sustain our planet.” Read the full letter here. Meanwhile, the European Union, the United Kingdom, and Australia are explicitly opposing the inclusion of references to people of African descent in the Gender Action Plan, acting to silence and delegitimize legitimate and historically grounded demands.
“Simple message about COP30,” said Dr. Sam Grant, “This is a place of virulent anti-blackness.”
While a formal constituency is yet to be established, the Global Afrodescendant Climate Justice Collaborative announced Friday that for the first time, people of African descent appear in UNFCCC COP decisions and are referenced across multiple strands of negotiating texts. The texts are not finalized. “Nonetheless we are calling it a win to have people of African descent in the draft decisions,” said Mariama Williams of the GACJC.
Youth activists, more than 30,000 young people from over 100 countries, held a series of Youth-Led Forums and outlined calls for “full, fast, fair fossil phase-out,” institutionalizing intergenerational equity, moves toward peace, climate finance centered on justice, and adaptation “as a moral and political priority”.
The People’s Plenary was scheduled on Thursday, a space where civil society at COP comes together to make clear what their expectations and demands are of the negotiations, as we near the close. But a fire broke out in the Blue Zone, and the venue was evacuated. The fire has been contained with limited damage, and no serious injuries have been reported. Hosts report the fire was electrical.
There are more than 300 industrial agriculture lobbyists at COP30. According to DeSmog, the number of lobbyists representing the interests of industrial cattle farming, commodity grains, and pesticides is up 14 percent over last year’s summit in Baku — and is larger than the delegation of the world’s 10th largest economy, Canada, which brought 220 delegates to COP30 in Belém. Agriculture is responsible for 25 – 30% of global emissions.
We will continue to follow negotiations and hope to share the final agreements in our final window into COP30 Digest, scheduled to be released on December 3. Stay tuned.
Photo credit: Kiara Worth
The post Your Summary of Negotiations: Nov. 22 appeared first on Climate Generation.
Climate Change
Just transition, finance and equity – that’s how we get COP30 to act on fossil fuels
Brandon Wu oversees research, advocacy, coalition building and campaigning work for ActionAid USA.
Leaders are supposed to lead by example. If you broke it, you’re meant to fix it (or at least pay for it). You’re supposed to do unto others as you’d have them do unto you.
These and any number of other tired cliches are actually incredibly useful for describing the seemingly interminable deadlocks at UN climate negotiations like COP30.
There is a set of rich developed countries that call themselves “climate leaders.” They caused the climate crisis through their emissions, and they should be fixing it by zeroing out those emissions and paying for poorer countries to do the same. They should be treating countries and communities harmed by climate impacts with compassion and solidarity.
News flash: they aren’t doing any of those things. And somehow we act surprised that the climate negotiations haven’t yet produced the massive breakthroughs the world needs?
No transition without concrete support
It might be easy to blame certain countries for being unhappy with a proposed roadmap to end fossil fuels, backed by 80-90 nations at the talks. But let’s not lose sight of the fact that the wealthy countries that are pushing for the roadmap – the European Union most stridently – are themselves not anywhere close to being on track to phase out fossil fuels.
Just as importantly, developed countries as a whole have consistently refused to provide meaningful amounts of climate finance in line with needs, despite their extremely clear obligations and the practical realities of the need for support in developing countries.
COP30 Bulletin Day 11: With talks in “crisis”, countries urged to unite for COP30 deal
Of course we need a roadmap to phase out fossil fuels – that is what many of us are here to achieve. But if the transition away from fossil fuels is not just, it will not succeed. And if there is no support from developed to developing countries, not only will the transitions there not be just – in many cases they will not happen at all.
Just transition mechanism close?
To that end, at COP30, negotiators are getting tantalizingly close to an outcome on “just transition” – a framework to support countries to ensure their communities and workers are lifted up rather than left behind as they transition to a new and more sustainable economy.
Civil society has been pushing hard for a “Belem Action Mechanism,” or BAM, that would embed just transition principles into a coherent, practical and actionable system. The guiding principle behind the push for the BAM, and for just transition more broadly, is that without justice, any massive economic transition will fail, as it will be impossible to garner the necessary political support to implement it.
The BAM was the major priority for many activists and developing countries coming into this COP, and a great deal of open and transparent negotiations have gone into trying to make it a reality. In contrast, the fossil fuel roadmap – necessary as some form of it is – was dropped into the formal negotiations late, without any transparent process.
Rich nations push back on calls for new just transition mechanism
Developing countries need a comprehensive package
Between rich country intransigence and undemocratic processes, it’s understandable – and justifiable – that many developing countries, including most of the Africa Group, are uncomfortable with the fossil fuel roadmap being pushed for at COP30. It doesn’t mean they are all “blockers” or want the world to burn, and characterizing them as such is irresponsible.
The core package of just transition, public finance – including for adaptation and loss and damage – and phasing out fossil fuels and deforestation is exactly that: a package. The latter simply will not happen, politically or practically, without the former.
If COP30 ends without a roadmap to phase out fossil fuels and deforestation, let’s make sure we keep the pressure on the real culprits: the rich countries that keep coming to these negotiations offering nothing but demanding everything.
The post Just transition, finance and equity – that’s how we get COP30 to act on fossil fuels appeared first on Climate Home News.
Just transition, finance and equity – that’s how we get COP30 to act on fossil fuels
Climate Change
Colombia seeks to speed up a “just” fossil fuel phase-out with first global conference
As sharp divisions at UN talks stall progress on a shift away from fossil fuels, 24 countries have backed a first global conference on the transition, saying the summit in Colombia next April is needed to speed up efforts to wean the world off planet-heating oil, gas and coal.
The conference aims to bring together governments, experts, industry leaders and Indigenous people among others, to chart “legal, economic and social pathways” for a fair and just phase-out of fossil fuels, Colombia’s Environment Minister Irene Vélez Torres told journalists at COP30 on Friday.
Supporters of the initiative include major fossil fuel producers Australia and Mexico, as well as several European, Latin American and Pacific island nations.
Colombia and the Netherlands will co-host the event on April 28-29 in the Colombian port city of Santa Marta, which plays a significant role in coal exports.
Speaking after the release of a COP30 draft decision text that failed to mention fossil fuels, Vélez Torres told a packed-out room: “We know that this conversation cannot end here.”
“We must keep the momentum, lead with bravery, rise to the challenge, and build a coalition of the willing,” she added.
The conference is meant to sit alongside discussions taking place under the UN climate regime, where all 198 signatories need to reach decisions by consensus.
Conference to feed into COP31
Vanuatu’s climate minister Ralph Regenvanu said the Colombia-led coalition is needed to advance discussions over the transition regardless of what happens at COP30. The conference “will strengthen the process here next time we meet in Turkiye” at COP31, he added.
Australia, a backer of the initiative, announced this week that it will run negotiations at COP31 next year even though the conference will take place in the Turkish coastal city of Antalya.
The 24 countries signed a joint declaration supporting calls to develop a roadmap for the shift away from fossil fuels and setting out the conditions for a just and equitable transition.
Those include consideration of national circumstances and the need to support workers and vulnerable communities, as well as the importance of financial and technological support and of promoting diversified economies that reduce reliance on fossil fuel revenues.
Alex Rafalowicz, director of the Fossil Fuel Non-Proliferation Treaty Initiative, described the declaration as “historic”. That’s because for the first time a fossil-fuel producing country like Australia “recognises that production, licensing, subsidising and consumption [of fossil fuels] are matters of international concern”, he added.
Matthew Webb, associate director for Global Clean Power Diplomacy at think-tank E3G, said the coalition demonstrates “the growing and unprecedented level of support at COP30 to deliver a process for a roadmap to the just transition away from fossil fuels”.
With Australia now on board, there is a clear path for such a roadmap to be landed in Belem and taken forward into COP31, he added. Current draft texts do not refer to a fossil fuel transition roadmap, to the chagrin of some including the European Union, as well as Latin American and Pacific island states.
“Securing our survival”
Tuvalu’s climate minister Maina Talia expressed disappointment over the lack of a “survival map” for quitting fossil fuels at COP30, as his country faces an existential threat from rising sea levels.
He added that “after 30 years, this process is still failing us, so we will not wait” and instead work on a different process “to secure our survival”.
Johanna Gusman, senior attorney at the Center for International Environmental Law, described Colombia’s 2026 conference as “a step towards good-faith international cooperation to actually tackle the climate crisis”.
“We need a time-bound plan to curb [fossil fuel] production and use, end new licensing and subsidies, and mobilise finance for developing countries,” she added in a statement.
The post Colombia seeks to speed up a “just” fossil fuel phase-out with first global conference appeared first on Climate Home News.
Colombia seeks to speed up a “just” fossil fuel phase-out with first global conference
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