The Bridgetown Initiative rests in large part on a moral argument that many of the countries most drastically affected by climate change are among the historic lowest carbon emitters — and that a rethink of the global financial system is needed to better meet the modern moment, including ending cycles of heavy debt burdens.
The climate problems were exacerbated by the sharp economic hits many countries suffered during the COVID-19 pandemic, the fallout from the war in Ukraine, and the rapid rise in inflation and subsequent sharp increases in borrowing costs.
“What we’re trying to solve for is the challenges of countries that are vulnerable to climate change, and vulnerable to many other issues, through an increase in financing for mitigation, a huge increase in financing for climate adaptation, and addressing issues of loss and damage,” said Pepukaye Bardouille, the director of the Bridgetown Initiative Unit of the Barbados government. The initiative is named for the capital city of Barbados, a Caribbean island nation.