Caribbean leaders to ask for compensation fund from industrialized countries ahead of COP27

With COP27 less than three months away, Caribbean leaders will consider asking more industrialized countries to set up a future compensation fund for nations hard hit by climate change.

The Caricom leaders will argue for two per cent of oil exports to be placed into a fund and for more attention to be focused on loss and damage.

Leaders and senior government officials from across the Caribbean met in The Bahamas over the last two days to discuss a regional position for COP27, which will be held in Egypt in November.

Prime Minister Philip Davis, who hosted the event, said "you would have heard us talk about loss and damage, which is something that the developed world keeps kicking down the road".