Islands plan remittance fund for climate resilience
Small island states plan to create a climate fund backed by a remittance charge to raise about three billion dollars annually. The scheme aims to reduce reliance on international aid and provide unconditional funding for vulnerable nations.
Small island states aim to raise $3 billion annually for climate resilience by charging a 3% levy on incoming remittances. The initiative bypasses traditional donor aid, which totaled $2 billion in public adaptation finance during 2021-2022 per Climate Policy Initiative data. This sovereign funding model gives vulnerable economies direct control over capital to combat rising sea levels.
