Barbados’ proposals have since been dubbed the Bridgetown Initiative.
In summary, the Bridgetown Initiative sets out 3 specific and, in my view, common-sense proposals to make international climate finance work better, especially for countries that are on the frontlines of the climate battle. The first proposal is the introduction of natural disaster clauses in long-term loans to enable countries to temporarily halt the repayments of their debt in the event of natural calamities. The aim of this proposal is twofold: one, to free up resources during a natural crisis to enable countries to cushion the impact on their peoples; and two, to prevent countries that are already highly indebted and vulnerable, such as those in the Caribbean, from descending into a debt crisis when faced with a pandemic or successive natural hazards that typically turn into natural disasters.
