Climate Finance in the Americas Meeting
Nassau, The Bahamas October 1-2, 2023
Outcome Document: Declaration of The Bahamas on Climate Finance in the Americas
The Bahamas hosted OAS Member States at the Climate Finance in the Americas Meeting in Nassau on October 1-2, 2023, resulting in the Declaration of The Bahamas on Climate Finance in the Americas, which was, adopted by consensus and approved by acclamation. The meeting of Finance Ministers and High-Level Authorities created a platform for countries in the Western Hemisphere to engage in discussions with multilateral development banks (CDB, IDB, CAF, WB) and other financial institutions (GCF, GEF) on unlocking greater access, affordability, and adequacy of climate finance.
At the meeting, OAS member states further underscored the significance of financial support for climate initiatives in the region. Representatives from multilateral development banks reaffirmed their commitment to support developed and developing countries in the Americas to access and benefit from an array of innovative climate financing mechanisms and instruments. Ministers and representatives from the international financial institutions also engaged in interactive dialogue which highlighted pressing climate issues affecting the region and explored potential solutions to increasing access to funding at the right speed, cost, and scale.
The declaration was entrusted to the Organization of American States through the Inter-American Council for Integral Development (CIDI), and the Executive Secretariat for Integral Development (SEDI), to support required follow-up on its implementation. It is anticipated that the Declaration of The Bahamas on Climate Finance in the Americas will have a lasting impact, serving as a vehicle and point of reference to represent a common position of the hemisphere in future deliberations and negotiations, including the upcoming COP 28 and beyond.
It is expected that the collective efforts manifested in The Bahamas will extend throughout the coming months and on a recurrent annual basis where ongoing dialogue on hemispheric climate finance needs and collaboration and follow up on the implementation of the Declaration will continue.