Browne Pushes for Low-Cost Climate Loans to Balance Economic Survival
Prime Minister Gaston Browne has reiterated his call for long-term, low-interest climate financing, warning that without affordable access to funds, Small Island Developing States (SIDS) like Antigua and Barbuda could struggle to survive economically while adapting to the impacts of climate change.
Speaking on his weekly Browne and Browne show on Pointe FM, the prime minister stressed that the pursuit of climate resilience must be matched by financial sustainability, particularly in the wake of increasingly frequent and destructive natural disasters.
“You cannot prioritize climate sustainability and undermine economic sustainability,” Browne said. “We need low-cost, long-term money—otherwise, we’re creating financial problems while trying to solve environmental ones.”
He pointed to the aftermath of Hurricane Irma, which devastated Barbuda in 2017, as an example. According to Browne, the World Bank offered a $40 million loan over ten years at a 4% interest rate, which the government ultimately declined due to the steep repayment terms amid reduced revenue.
“If you’re paying back $5 million a year, and your revenue base has collapsed, then you’re just digging a deeper hole,” he said. Instead, Browne argued for tailored loan packages—extended over 20 or 30 years—to ensure countries can rebuild without jeopardizing their economic future.
The prime minister also noted that Antigua and Barbuda is currently working to raise US$450 million through a bond initiative, with some proceeds earmarked for climate resilience projects. Additionally, he expressed hope that grant funding from the Green Climate Fund and the Loss and Damage Fund would supplement the country’s adaptation efforts.
Browne said his administration is also exploring potential debt-for-climate swaps and regional collaboration through CARICOM to negotiate larger-scale financing packages with institutions like the Inter-American Development Bank (IDB).
He maintained that wealthier nations—whose emissions have largely driven the climate crisis—have a responsibility to fund adaptation efforts in vulnerable countries. “Our infrastructure has been repeatedly damaged by climate events caused by their excessive use of fossil fuels,” Browne said. “They owe us support.”
Antigua and Barbuda has been a leading voice in advocating for the creation of the global Loss and Damage Fund and continues to push for more equitable climate finance frameworks at international forums.
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