MIA MOTTLEY

The Bridgetown Initiative (2022)

Led by Mia Mottley, the Bridgetown Initiative seeks to reform the global financial system to better support climate-vulnerable developing nations. Some key components of this initiative include suspending interest payments during crises, increasing funding by $1 trillion dollars from development banks for climate resilience and finally, establishing a global climate mitigation trust to attract private investments. 

Currently, developed nations have interest rates between 1% and 4% on loans, while developing nations have rates of around 14%. 

This second key component can be split into two steps. The first one is resetting how funding is loaned and repaid to tackle the issue of developing countries having to endure a debt crisis. For example, while suffering a drought, interest payments should be suspended. The second and final step is to request $1 trillion dollars from private investors to increase climate resilience in climate-vulnerable countries like Barbados. 

The Bridgetown initiative helps Mia Mottley achieve her goals. Her goals revolve around economic stability, climate resilience and debt reductions. By suspending debt payments, the country can focus on recovery. Secondly, mobilising additional funds ensures resources for climate projects. Finally, through structural changes, she can ensure long-term financial reforms supporting sustainable development. 

Mottley’s stake in this project is both personal and for the country’s national interest. Barbados is highly vulnerable to climate change effects, and ensuring economic and climate resilience is key to its survival. 

Blue Economy Strategy of Barbados (2018)

The Blue Economy strategy of Barbados is aimed at harnessing the potential of the marine and coastal environment to drive sustainable economic growth. Recognizing the critical importance of the marine ecosystem, the government is focusing on maximising access to and sustainable use of marine resources. The goal is to ensure that these resources significantly contribute to the national economy while protecting the health of marine ecosystems.

Given Barbados’s reliance on the tourism sector, there is a need to understand the value of the fisheries sector. According to the UNDP report on Barbados and the Caribbean, the government should implement a robust data recording and reporting system to ensure that catch and landing data are treated in a consistent manner, thereby ensuring that the Government always works with a single consistent data set for fisheries landings. Given the current uncertainty, a strategy to improve selective targeting of high value tunas should be pursued as a way to increase harvests of these species. 

This policy reinforced her position as “leader of the SIDS”. She is able to turn her words into action, by promoting sustainable growth by encouraging economic activities that are both profitable and environmentally sustainable. 

Aside from her personal commitment to climate change, she also has a national interest. Ensuring the sustainable use of marine resources to secure short-term economic growth and environmental health for Barbados, improving economic security. Considering Barbados´s high chances of being underwater by 2050, Mottley has to focus on short term actions.

Roofs to Reefs

Mottley stated, ‘”We must acknowledge that if we do not address the financing framework now, we will face significant challenges,’”. To assist Barbados in adapting to the climate crisis, she has led a national resilience initiative which is part of the Blue Economy strategy, called Roofs to Reefs. This program will leverage innovative financial tools to enhance public investment in areas such as fortifying homes and restoring coral reefs, which provide coastal protection from storms. Roofs to Reefs is recognized as a potential model for other nations grappling with climate change.

In terms of climate change adaptation, Barbados has several key legal frameworks. Adaptation efforts are primarily guided by the Planning and Development Act and the 2021 Physical Development Plan (PDP), which for the first time incorporates climate change as a key component. To achieve climate-resilient development, the Government of Barbados (GoB) ensures that its implementation policies are aligned with the Sendai Framework for Disaster Risk Reduction, the 2030 Sustainable Development Goals (SDGs), and climate action under the Paris Agreement.

The Densai Framework for Disaster Risk Reduction focuses on three key components: exposure to hazards, vulnerability and exposure, and the hazards’ characteristics. It aims to reduce death rates and the dimension of destruction of natural hazards. The priority adaptation strategies identified in the Second National Communication have been put into operation. The 2021 PDP and the Roofs to Reefs Programme (R2RP) now provide the necessary framework for Barbados to achieve its resilience goals by 2030.

Looking at how the country directly applies this programme, we can split this into six points. Firstly, strengthen low- and middle-income homes to withstand extreme weather, ensuring continued access to electricity and water, further enhancing home resilience. Second, boost freshwater storage capacity and promote efficient water use to better manage resources during periods of scarcity. Thirdly, deploy distributed renewable energy systems to reduce emissions and increase energy resilience.

Fourthly,  implement sustainable land use practices to decrease pollution from land-based sources affecting marine environments. Fifth, make key utilities, water, sanitation, and road systems more resilient to climate impacts as a way to fortify key infrastructure. Lastly, restore coral reef ecosystems by focusing  on restoring vulnerable coral reefs, especially on the west and south coasts, which are crucial for biodiversity and coastal protection. R2RP helps Mia Mottley achieve her goals through various ways.

Primarily, R2RP can improve the quality of living of the citizens who most suffer from inequalities by reducing the damage after a severe weather event. It will improve housing stock as they will invest in fortification to withstand Category 4 hurricanes. Furthermore, the installation of disaster-resilient storage capacity for water will be incremented. 

Additionally, the goal of reducing pollution will be achieved by more efficient stormwater and wastewater capture will reduce pollution, benefiting the health of ecosystems and coastal areas. The final target is economic stability through the  establishment of an Special-Purpose-Vehicle (SPV) for capitalising on R2RP projects in order to create financial space without jeopardising fiscal targets, hence, ensuring sustainable economic growth.

Mia Mottley has been a prominent advocate for developing nations, particularly small island states at risk of being submerged by rising sea levels due to climate change. During a visit by UN Secretary-General António Guterres to Barbados in October, she highlighted the crucial need for financial resources to help developing nations adapt to climate impacts. The cost for these countries to address climate-related threats like droughts, floods, and sea-level rise is currently $70 billion annually and could soar to $300 billion per year by 2030.

IExRAIA Summer Research Program:

This article is an excerpt from a report about Mia Mottley produced as part of an RAIA research program on climate leaders. For a full picture of Mottley’s climate leadership, read the full report. This project was fully financed by IE University’s IE School of Politics, Economics and Global Affairs.

Authors: Africa Romero and Sofia Damasio Figuereido

Editor: Roxane de Bervegin

Project Lead: Francia Morales