Business View Caribbean | Volume 8, Issue 8

6 BUSINESS VIEW CARIBBEAN VOLUME 8, ISSUE 8 and urged them to take on board the issues and expectations of Trinidad and Tobago at the 26th Conference of the Parties: - That in spite of the challenges posed by the Covid-19 pandemic, the need for enhanced climate finance to facilitate green recovery is more critical now in addition to the finance needed for climate action in small island developing states. She stressed that setting ambitious global finance goals, along with commitments to fulfilling those goals to 2025 is an absolute imperative; - That it is critically important to settle the outstanding negotiations on the rules to operationalize the Paris Agreement, in particular, issues related to market mechanisms, common timeframes and transparency reporting. In this regard, she stressed: • that rules for operationalizing the market mechanisms must be robust to preserve environmental integrity, build mutual confidence for players in the market and that the opportunities presented for market mechanisms to enhance overall reduction of global emissions as well as for enhancing and augmenting financing for adaptation is a priority for TT and should be as ambitious as possible; • the need to settle the frequency of submission of NDCs so that mutual confidence among governments can be built and entrenched in order to incrementally raise global ambition in order to meet the objectives of the Paris Agreement; • the need for resolving issues related to transparency reporting that will also serve to enhance mutual confidence among world governments. Trinidad and Tobago is part of CARICOM’s formulation of a negotiating strategy on these issues as well as on closing the mitigation gap; closing the climate finance gap, and enhancing support for its members to implement their NDCs and National Adaptation Plans (NAPs). Issues relating to loss and damage also remain high on the Agenda as Small Island developing States (SIDS) are already experiencing losses and damages as a result of climate change. Minister Robinson-Regis reiterated the need for a successful outcome at COP 26 and pledged the full support and participation of Trinidad and Tobago to that end.