caribbeanclimate

Home » Posts tagged 'caribbean development bank'

Tag Archives: caribbean development bank

CCCCC adds LiDAR to boost Caribbean’s Climate Change Fight

Credit: Caribbean Community Climate Change Centre. Not for use without written permission.

Belmopan, Belize; November 30, 2018 – The Caribbean Community Climate Change Centre (CCCCC) through the USAID-funded Climate Change Adaptation Program (USAID CCAP) is about to launch its most recent initiative to significantly boost the Caribbean’s ability to limit the ravages of climate change by improving its capability to monitor and plan for physical changes to the land and marine environments.

On Monday, December 3, the Centre will launch a US$2million Light Detection and Ranging (LiDAR) System, acquired through the United States Agency for International Development’s (USAID) three-year CCAP Project.

The acquisition of an Airborne LiDAR system by the Centre – also known as the 5Cs – is possibly the most significant achievement for data capture in the Caribbean. For decades, countries of the region have clamoured for LiDAR produced data the high cost all but prohibited its application; and the use of  LiDAR was made more difficult since such services had to be sourced from outside the region, adding to costs. At the same time, the requirement for more accurate data to provide evidence of climate change impacts has grown and is rapidly becoming the standard for climate financing.

The purchase of the LiDAR system was made possible through funds provided by the Barbados-based USAID Eastern and Southern Caribbean Office through the 5Cs executed Climate Change Adaptation Program (USAID CCAP).  The use of an airborne LiDAR is the result of a collaboration with Maya Island Air (MIA), a locally-owned Belizean airline company. These critical developments also influenced the Caribbean Development Bank and the Government of Italy to provide financial support for the LiDAR system, which is soon to become operational in a region-wide exercise to map some 10,000 square miles of vulnerable coastal areas in the region.

Dr Kenrick Leslie, the Executive Director of the Centre welcomed the launch of the Centre’s latest tool in building climate resilience.  The system enhances the Centre’s capacity to provide the region with critical data essential for building climate resilient communities. He noted that with the LiDAR system, “Caribbean leaders will now have access to the data set necessary for the development of tools for use in vulnerability and capacity assessments and early warning systems, and tangible adaptation and disaster risk reduction initiatives.  The documentation of the state of the current coastal bathymetric and topographic environment will allow for the development and implementation of appropriate sustainability policies.”

The technology is capable of simultaneously gathering topographic and bathymetric (depth of the seafloor) data, which are to be used to provide detailed information of the region’s coastal areas, reefs and seafloor to produce flood and inundation maps and other products.

Christopher Cushing, Mission Director of the USAID Eastern and Southern Caribbean is expected to formally hand over the equipment to the 5Cs at the launch. This is the Agency’s latest contribution to the regional data enhancement capability under the USAID CCAP. In addition to the LiDAR, five data buoys have been added to the regional Coral Reef Early Warning System (CREWS) network, and 50 Automatic Weather Stations (AWS) have been added to the regional climate and weather monitoring and data collection efforts in the Eastern and Southern Caribbean.

The project has also provided a computer server that will enhance the input, processing and sharing of the vast amount of data generated from the equipment acquired under the project. The information will ensure that the CCCCC, its partners and regional Universities are able to provide accurate and country-specific climate and climate change data to help countries improve their countries abilities to protect their citizens from the effects of climate change.

Dr Leslie has expressed gratitude to USAID,  the Caribbean Development Bank, the Government of Italy and his own staff for the commitment to the Centre and the region.  The Executive Director also commended Maya Island Air for collaborating with the Centre to outfit a plane with the LiDAR.

With a brand new Cessna aircraft fully customised to fly LiDAR missions, the partnership between the 5Cs and Maya Island Air also represents a new era of public-private partnerships and corporate social responsibility for the benefit of resilience building to the impacts of climate change in the Caribbean.

“Their support will help us to provide a system that was otherwise prohibitive.  It is the tangible demonstration of the Airline’s corporate contribution to the Region’s Climate Change initiative”, said Dr. Leslie.

The USAID CCAP Project is helping to build the capacities of regional, national, and local partners to generate and use climate data for decision-making in government and other sectors. The project is also working to strengthen the ability of beneficiary countries to develop successful proposals to access international climate financing.

– END –


The Caribbean Community Climate Change Centre coordinates the region’s response to climate change. Officially opened in August 2005, the Centre is the key node for information on climate change issues and the region’s response to managing and adapting to climate change. We maintain the Caribbean’s most extensive repository of information and data on climate change specific to the region, which in part enables us to provide climate change-related policy advice and guidelines to CARICOM member states through the CARICOM Secretariat. In this role, the Centre is recognized by the United Nations Framework Convention on Climate Change, the United Nations Environment Programme, and other international agencies as the focal point for climate change issues in the Caribbean. The Centre is also a United Nations Institute for Training and Research recognised Centre of Excellence, one of an elite few. Learn more about how we’re working to make the Caribbean more climate resilient by perusing The Implementation Plan.

###

USD33 mn to Finance Climate Change Resilient Infrastructure in the Caribbean

Officials from the Caribbean Development Bank (CDB) and the Agence Française de Développement (AFD) have signed an agreement to provide USD33,000,000 towards financing sustainable infrastructure projects in the Caribbean region. At least 50 percent of the funds will be used to fund climate change adaptation and mitigation projects.

The agreement was signed last month at the CDB Headquarters in Barbados, by French Ambassador to the Organisation of Eastern Caribbean States and Barbados, Eric de la Moussaye, in the presence of CDB Vice-President (Operations), Patricia McKenzie.

Patricia McKenzie, CDB Vice-President, Operations and Eric de la Moussaye, French Ambassador to the Organisation of Eastern Caribbean States and Barbados, sign the Credit Facility Agreement.

Patricia McKenzie, CDB Vice-President, Operations and Eric de la Moussaye, French Ambassador to the Organisation of Eastern Caribbean States and Barbados, sign the Credit Facility Agreement.

Caribbean countries are particularly vulnerable to the impacts of climate change, with our geographical location leading to high exposure to natural hazards. Economic conditions also play a role, as there is a lack of access to long-term resources to finance sustainable climate-related infrastructure projects. We believe that these additional funds will go a long way towards building resilience and mitigating the impact of climate change in our region,” said Mrs. McKenzie.

The funds are being provided by AFD under a Credit Facility Agreement with CDB. AFD is the primary agency through which the Government of France provides funding for sustainable development projects. This marks the first time that CDB has accessed financing from AFD.

The Facility will be used by CDB to augment financing for infrastructure projects in several areas: renewable energy, water and sanitation, waste management, adaptation of infrastructure to the effects of climate change, protection of coasts and rivers. Countries that are eligible to benefit from this facility are: Antigua and Barbuda, Belize, Dominica, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, and Suriname. The Facility is also complemented by a EUR3,000,000 technical assistance grant, which will finance feasibility studies for projects eligible for financing under the credit facility.

The agreement supports the improvement of Caribbean economies’ resilience and vitality through the development of sustainable infrastructure projects with significant environmental or climate impacts. It is in alignment with the Bank’s corporate priority of promoting environmental sustainability.

Credit: CDB

Adaptation Fund Accredits CDB

 

 

Caribbean_Development_Bank_Adaptation_Fund_accreditation

Bank can now tap Fund to address climate change concerns

Bridgetown, Barbados, March 17, 2016:

The Caribbean Development Bank (CDB) can now better access funds to address climate change and mitigate the impact on Borrowing Member Countries (BMCs) after the Board of the Adaptation Fund announced on March 1 that accreditation has been granted to the regional development funding agency.

“CDB’s accreditation opens gateways to well-needed grant financing which will enable our Borrowing Member Countries to proactively address life threatening vulnerabilities,” said Dr. Warren Smith, president of the CDB.

           A major pillar of CDB’s Climate Resilience Strategy is that of helping BMCs access concessionary resources to provide financing to support urgent actions required to build climate resilience.  According to Dr. Smith, “accreditation to the AF is an extremely positive achievement, since it gives the Bank access to a source of grant resources to help to support urgent climate resilient investments for some of the most climate vulnerable countries in the world.”

The Adaptation Fund was established in 2001 under the Kyoto Protocol of the UN Framework Convention on Climate Change to finance concrete adaptation projects and programmes in developing country Parties that are particularly vulnerable to the adverse effects of climate change. The AF works across seven areas: Agriculture, Coastal Zone Management, food security, disaster risk reduction, multi-sector projects, rural development and water management. The Fund has committed US$ 331 million in 54 countries since 2010 to climate adaptation and resilience activities.

CDB’s current Strategic Plan has building resilience to climate change as its principal thrust. This emphasis recognizes the reality that there is a probability that at least one Caribbean country has a 25 per cent chance of being hit by a major climate event every year.

To achieve accreditation CDB had to demonstrate that it has the capacity to manage and provide oversight of the use of AF’s resources in an efficient, effective and transparent manner.  Accreditation is valid for five years.

            Dr. Smith noted that CDB’s recent experience in preparing climate action investment projects, showed that preparation costs could increase by between 10-15%, because of the required supporting technical investigations or studies; such as climate vulnerability assessments; that are required to demonstrate the explicit adaptive or mitigation measures employed to achieve climate resilience. He expects that the Bank will make its first formal submission to the AF before the end of the 2016.

Credit: Caribbean Development Bank

Caribbean “debt service payments should go to a resilience fund,” says top ECLCAC official!

alicia barcena

Caribbean leaders appear to be giving serious consideration to making a proposal requesting the gradual write-off of billions of dollars in external debt.

The issue was raised by Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena at a high-level meeting this morning that preceded yesterday’s official opening of the 36th regular meeting of the Conference of Heads of Government of CARICOM.

She pointed out that 40 per cent of the Caribbean’s US$46 billion debt is to multinational agencies, with 14 per cent being bilateral.

Of that amount, she said, US$30 billion was accumulated between 1990 and 2014 as a result of natural disasters.

She described the situation facing regional states are serious, explaining that five Caribbean countries are among the most indebted in the world.

Bárcena said the problems are compounded by the vulnerabilities of Caribbean economies that are already facing a decline in foreign direct investment.

“Antigua and Barbuda, Barbados, Grenada, Jamaica, St Kitts and Nevis are the top five in the Caribbean,” she said. “Nobody talks about them. We all hear about Belize. Of course it represents one per cent of the global debt so we are not a systematic problem.”

The ECLAC official said “the time is ripe” for CARICOM states, along with the Caribbean Development Bank, the International Monetary Fund and the World Bank to hammer out an agreement on a proposal for debt relief.

“The debt service payments should go to a resilience fund that can probably be managed by the Caribbean Development Bank. The resilience fund should be used . . . for infrastructure adaptation, sea defence.

“Another fund that should be very important is  . . . an external micro economic fund. That fund is for external shocks. Who should support that external micro economic fund is the larger economies of Latin America, the Brazil and Columbia,” she said.

In his intervention, President of the Caribbean Development Bank Dr. Warren Smith said Caribbean leaders need to show they are serious about change by making hard decisions.

“Even as we make a case for that debt relief we need to demonstrate to those with whom we are negotiating that we are prepared to take the tough decisions to do the right thing,” he told the meeting.

“We need to change the structure of our economies. We can’t continue to do what we have done in the past and expect different results.”

The discussion was attended by UN Secretary-General Ban Ki-moon, Secretary-General of the Organisation of American States Luis Almagro Lemes, and Secretary-General of the Commonwealth Kamalesh Sharma, among other officials.

Credit: Caribbean 360

5Cs Concludes Annual Board of Governors Meeting: Expanded partnerships with CARPHA, Deeper Private Sector Partnerships, New Member and Heightened Outreach Announced

Credit: Caribbean Community Climate Change Centre. Not for use without written permission.

Credit: Caribbean Community Climate Change Centre. Not for use without written permission.

Placencia, Belize; June 29, 2015― The Board of Governors of the Caribbean Community Climate Change Centre concluded its annual meeting (June 25 -28) in Placencia, Belize yesterday.  The Board agreed that the Centre  will deepen engagement with the private sector to ensure broad utilisation of the seminal Caribbean Climate Online Risk and Adaptation Tool (CCORAL), pursue closer collaboration with the Caribbean Public Health Agency (CARPHA, which includes the former CEHI ), expand its youth focused public education work and welcome at least one new beneficiary country.

Public-Private Partnerships (PPP) are essential to advance the Centre’s multipronged approach to building climate resilience in the region. The Centre successfully used this approach to implement projects, such as  the installation of  reverse osmosis desalination facilities  in Bequia, Petite Martinique and Carriacou, to improve access to potable water. Leveraging this approach to improve the uptake of CCORAL will be a key feature of the Centre’s work in the coming year. CCORAL , which was launched by the Centre in July 2013, is an online support tool developed to strengthen climate resilient decision-making processes across various sectors in the Caribbean by embedding a risk ethic. It has been endorsed by regional and international partners, including the Intergovernmental Panel on Climate Change (IPCC). The Centre has been working with the Caribbean Development Bank, its long-standing partner and a permanent member of the 11 member Board of Governors, and other development partners to mobilise private sector support for the tool. The Board also notes that the Caribbean Catastrophe Risk Insurance Facility (CCRIF) is a natural partner for the success of the tool at the regional level.

Following a special presentation to the Board of Governors in 2014  by Dr C.J Hospedales, CARPHA’s Executive Director, the Centre is moving to deepen collaboration with the region’s premier health agency. The two entities are expected to collaborate to develop joint proposals aimed at reducing the region’s vulnerability and  building  resilience to the likely effects of climate change across a myriad of areas of mutual interest.

The success of the Centre’s new engagements will also offer an opportunity to advance its public education work. The Centre successfully piloted a network of school-based environmental clubs in Belmopan, Belize this year. This initiative includes 60 to 90 minute weekly meetings, experiential learning, highly interactive group exercises and discussions. This comprehensive youth focused outreach initiative, which also included the first Belize – Mexico Student Exchange on Climate Change, will be a key  element of the Centre’s public engagement moving forward. The network of clubs will be rolled out across Belize and in three other CARICOM countries over the next 12 months.

To meet the emerging challenges and demonstrate its commitment towards a low carbon development pathway, the Board also reinforced its support for the construction of facilities to carry out the Centre’s operations. The Centre is currently housed in rented facilities provided by the Government of  Belize. The Government of Belize has allocated 10 acres of land to the Centre, on which a custom-designed, ‘green’ facility will be constructed. The Centre  is in the process of seeking financing to undertake  this initiative. This development comes as the Centre prepares to celebrate its 10th Anniversary. The Board greatly appreciates the goodwill of the Centre’s host government  in areas including and beyond the provision of property for the future facility and also welcomes similar offers from the University of Belize.

As the Centre expands and matures it is looking to welcome a new member. The Centre expects Martinique to become an Associate Member in the medium term, which would bring the total beneficiary countries to 15. The Board of Governors is aware that all countries in the region, whether English-, French- or Dutch-speaking are highly vulnerable to the risks posed by global climate change, as they are exposed to the same threats such as rising air and sea surface temperatures, changing rainfall patterns sea-level rise and changes in the behaviour of extreme weather and climate-related extreme events. It is against this background that the Board welcomed the application of Martinique for Associate Membership.

The Centre has expanded rapidly since it commenced operations in 2005, having developed the capacity to successfully execute a suite of regional climate change related programmes worth between US$40 and US$50 million over the last five years. The Centre continued the execution of eight medium to large projects/programmes over the last twelve months. The Centre’s most recent programme is a €12.8 million initiative to address ecosystems-based adaptation under an agreement with the German Development Bank (KfW). The KfW supported engagement seeks to protect the region’s extensive coastal resources through a combination of ecosystems-based adaptation and environmental engineering approaches that will also embed livelihood considerations as a core element of the programme.   The comprehensive investment under the initiative developed by the Centre, in conjunction with the KfW, will focus on enhancing the resilience of the region’s coastal resources to the impacts of climate change and climate variability.

VIDEO: Climate Change Projects in the Caribbean:

Executive Director Dr. Kenrick Leslie says the Centre, under a directive from CARICOM Heads, has been “working with national governments to put together programmes that would help them develop bankable projects that can be funded under the various mechanisms under the United Nations Framework Convention on Climate Change. The Centre is putting maximum effort to ensure CARICOM Member States get their fair share of the Green Climate Fund (GCF), Adaptation Fund (AF) and other funds to help them in their adaptation efforts. That is our primary thrust— to meet the mandate given to us by the regional Heads.”

Accordingly, the Centre has applied to be a regional implementing entity for the Adaptation Fund, and is strengthening its capacity by establishing a Monitoring and Evaluation Unit to better prepare it to function as an implementing agency with the requisite technical capacity to institute projects on par with international organizations operating in the region. The new Unit will also advance the Centre’s capacity to advise and help governments develop, monitor and evaluate programmes in accordance with its mandate as the region’s key node of information and action on climate change. Following decisions taken at last year’s Board of Governors meeting, the Board has strengthened its fiduciary oversight through a Finance and Audit Sub-Committee of the Board of Governors, annual  internal audits,   and increased focus on data and plant security.

Chairman of the Board of Governors, Dr. Leonard Nurse, says these changes are necessary given the Centre’s shift from a project-based orientation to more programmatic activities in a bid to ensure its long-term sustainability. He notes that the Centre, which is primarily funded through grants and not government subventions, is swiftly advancing efforts to set up a Trust Fund. The Fund, which has been seeded with US$1M from the Republic of Trinidad and Tobago, will be an independent arrangement administrated by the CDB that would allow the Centre to co-finance projects and fund project priorities over the long-term.

_______________________________________________________________________

The Caribbean Community Climate Change Centre coordinates the region’s response to climate change. Officially opened in August 2005, the Centre is the key node for information on climate change issues and the region’s response to managing and adapting to climate change. We maintain the Caribbean’s most extensive repository of information and data on climate change specific to the region, which in part enables us to provide climate change-related policy advice and guidelines to CARICOM member states through the CARICOM Secretariat. In this role, the Centre is recognized by the United Nations Framework Convention on Climate Change, the United Nations Environment Programme, and other international agencies as the focal point for climate change issues in the Caribbean. The Centre is also a United Nations Institute for Training and Research recognised Centre of Excellence, one of an elite few. Learn more about how we’re working to make the Caribbean more climate resilient by perusing The Implementation Plan.

  ###

Caribbean Energy Security Summit Commits to Energy Transition

Twenty-six countries, together with seven regional and international organizations, have released a joint statement in support of the transformation of the energy systems of Caribbean countries. The signatories of the statement, signed during the Caribbean Energy Security Summit, commit to pursuing comprehensive approaches to an energy transition toward “clean sustainable energy for all” and reforms that support the creation of favourable policy and regulatory environments for sustainable energy.

The Summit, which was co-hosted by the US Department of State, the Council of the Americas and the Atlantic Council, brought together finance and private sector leaders from the US and the Caribbean, and representatives of the international community. The event showcased the initiatives under the Caribbean Energy Security Initiative (CESI) in the areas of improved governance, access to finance and donor coordination, and featured discussions by partner countries on comprehensive energy diversification strategies.

During the event, the US Government announced enhanced support for technical assistance and capacity-building programs in the Caribbean, through the Energy and Climate Partnership of the Americas (ECPA) initiative, among others, with the aim of promoting a cleaner and more secure energy future in the region. Caribbean leaders agreed to pursue comprehensive energy diversification programs and facilitate the deployment of clean energy.

Furthermore, presentations and updates were provided by, inter alia: Caribbean leaders on energy sector goals; the World Bank on a proposed Caribbean Energy Investment Network for improved coordination and communication among partners; and the US Overseas Private Investment Corporation (OPIC) on a new focus on clean energy project development in the Caribbean, which includes US$43 million in financing for a 34 MW wind energy project in Jamaica.

Highlighting the role of the Organization of American States (OAS) in supporting the transition to sustainable energy in the Caribbean, OAS Secretary General José Miguel Insulza said the past five years had seen an “unprecedented push” in the Caribbean toward the development of the region’s renewable energy sources, noting this was “doubly impressive” “in a time of low oil prices.”

The Summit, which took place on 26 January 2015, in Washington, DC, US, is part of CESI, launched by US Vice President Joseph Biden in June 2014. The regional and international organizations signing the statement were the Caribbean Community (CARICOM) Secretariat, the Caribbean Development Bank, the EU, the Inter-American Development Bank (IADB), the International Renewable Energy Agency (IRENA), the OAS and the World Bank.

The joint statement was also signed by the Governments of Antigua and Barbuda, Aruba, Bahamas, Barbados, Belize, Canada, Colombia, Curacao, Dominica, Dominican Republic, France, Germany, Grenada, Guyana, Haiti, Jamaica, Mexico, New Zealand, Spain, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, United Kingdom, and the United States.

Credit: SIDS Policy & Practice IISD

Caribbean Needs $30 Billion of Investment to Cut Fossil-Fuel Use

Banner for Climate Resilient Islands Partnership

Credit: Climate Resilient Islands Partnership Promo

The Caribbean needs to lure as much as $30 billion of investment to cut reliance on fossil fuel and expand renewable energy, partly by securing attractive payments for generators of clean power, a regional development bank said.

“Most of our countries are highly dependent on fossil fuels for power generation,” Caribbean Development Bank President Warren Smith said in an interview in London. “This vulnerability to volatile oil prices has contributed hugely to the competitiveness challenges of Caribbean industries.”

About $20 billion is needed in the next five to 10 years to replace power plants and upgrade distribution and transmission, he said. Another $10 billion is required to improve roads and airports and “climate-proof” current infrastructure. There is potential to replace 4,750 megawatts of fossil-fuel generation with renewables through 2019, Smith said.

The bank is talking with regional utilities interested in building clean-energy plants to feed power into the grid.

Nations need to attract investors by amending their laws to ensure generators are paid “equitable” fees for electricity. Barbados and Jamaica already have legislation in place and other countries should follow their lead, Smith said.

Barbados plans to get 29 percent of its power from clean sources by 2029 and Jamaica 30 percent by 2030. Barbados Light & Power Co. said June 12 it planned to build an 8-megawatt solar park. The bank is working with other islands to draft laws and draw investors to projects. Cutting fossil-fuel dependence would also help cut trade and debt imbalances in the region.

The islands should coordinate legislation to help counter the small size of their individual markets, according to Smith.

Eastern Caribbean islands including St Lucia and Grenada are working together on the Eastern Caribbean Energy Regulatory Authority to oversee utilities and advise governments on green energy development and cross-border interconnection, according to the website of the Organization of Eastern Caribbean States.

“Our role is to catalyse investments,” Smith said. “We’ll work with other financial institutions, including the other multilateral banks, to provide a percentage of the debt financing required at relatively low rates of interest.”

The bank will offer loans to the energy industry that are subject to generators meeting goals.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net
To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Tony Barrett, Alex Devine

Credit: Louise Downing, Bloomberg

Three criteria the Green Climate Fund MUST meet for the Caribbean to benefit

Credit: CGIAR Challenge Program on Water and Food

Credit: CGIAR Challenge Program on Water and Food

President of the Caribbean Development Bank (CDB) Dr. Warren Smith says the Green Climate Fund (GCF), a new multilateral initiative, must achieve three short-term objectives if it is to be different, make a significant contribution to transforming Caribbean economies and create low carbon, climate-resilient societies in the region.

  • First, the Board of the Fund must complete before year-end, the design work necessary to ensure that the Fund becomes operational by 2014.
  • Second, given the global scale of the climate challenge, the GCF must be well resourced. In this regard, developed countries should, by the end of this year, make firm commitments towards resourcing the initial capitalisation of the GCF;
  • Third, this Fund must pay particular attention to the needs of those developing countries which are most vulnerable to climate change.

In underscoring the importance of this Fund, Dr. Smith said,

We, in the Caribbean, share the vision of the founders of this Fund, as enunciated in its Governing Instrument that, “given the urgency and seriousness of climate change …the Fund is to make a significant and ambitious contribution to the global efforts towards attaining the goals set by the international community to combat climate change”

He continued…

To ensure that [developing] countries can access the Fund on equal terms, when it is fully operational, the Board must advance, in a meaningful manner, its work programme on climate finance readiness and preparatory support.

The  GCF Board members from Barbados and Zambia, representing the Small Island Developing States and Least Developed Countries constituencies, have called for the prioritisation of activities related to readiness and preparatory support during the design of the Fund, as developing countries in these groups have, traditionally, not accessed climate finance at levels commensurate with their high vulnerability to climate change.

Take, for example, the case of the Caribbean. Of the 694 national projects approved by the Global Environment Facility (GEF) under its climate change focal area between FY 1991 and FY 2013, only 33 national projects from CARICOM countries received support. This represents a mere USD24 million or less than 1% of the total USD2.5 billion grant financing provided by the GEF for national climate action. The amount allocated to the Caribbean must be seen in the context of a worsening of the climate change phenomenon and of economic losses in excess of USD1 billion in three Caribbean countries for 2012 alone.

This inability of Caribbean countries to access climate financing can be directly attributed to institutional constraints; to difficulty in identifying priorities and developing coherent investment programmes; and to serious deficiencies in capacity to effectively and efficiently implement projects and programmes.
It is extremely important to note that, in general, the burdensome criteria attached to accessing resources are often by themselves a deterrent to access.

The situation is complicated by the monitoring and reporting requirements to evaluate outcomes.
Therefore, if these countries and other countries with similar capacity constraints are to benefit from the GCF, it is crucial that focus is placed on “climate finance readiness” at the national, regional and international levels ~Dr. Warren Smith

Despite these challenges, Dr. Smith notes that there is consensus, at the highest political levels in the Caribbean, on the way forward.

Leaders have endorsed a Regional Climate Change Strategy and Implementation Plan to guide national and regional efforts towards building climate-resilient, low-carbon economies. This effort will require transformational change by national governments, regional organisations, civil society and the private sector, underpinned by an unprecedented level of financial resources and technical assistance. Within the context of the regional Implementation Plan, CDB has been assigned, and takes seriously, the role of spearheading the Region’s resource mobilisation efforts.

Dr. Smith says the region must boost  capacity (policy, institutional, expertise and accountability) and develop investment-ready, low-carbon climate-resilient projects and programmes to benefit from the GCF and other new flows of low-carbon, climate-resilient financing.

Dr. Smith was speaking at the launch of the Green Climate Fund Workshop on Climate Finance Readiness in Barbados on July 11, 2013. Read his speech here.

** The workshop was convened by CDB, in partnership with the Green Climate Fund and the Government of Germany through GIZ.

Dr. Kenrick Leslie, CBE, Executive Director of the Caribbean Community Climate Change Centre, also spoke at the workshop. See highlights of his speech here and/or review the actual speech here.

Also read: Dr. Ulric Trotz says the Caribbean lags in climate finance

5Cs and the Caribbean Development Bank Tackles Climate Finance

The Caribbean Development Bank (CDB) has intensified its focus on the environment, and is now aiming to position itself as the regional intermediary for climate finance and execution.

The full extent of the work that needs to be done has not yet been mapped, but a pipeline of investment-ready capital projects capable of attracting available financing is currently being developed by the Caribbean Community Climate Change Centre (CCCCC) for member states.

%d bloggers like this: