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Guyana signed a readiness grant agreement with the Green Climate Fund (GCF) at the 21st Conference of the Parties (COP) in Paris on Tuesday, December 08, 2015. The funding will provide USD 300,000 to Guyana to help the country build capacity to access GCF funding for its priority projects in the future.
This project, which was negotiated between the Caribbean Community Climate Change Centre (CCCCC or 5C) and the Ministry for the Environment, Land and Sea of Italy, aims to address several issues affecting CARICOM States under the rubric of Climate Change, inclusive of mitigation, adaptation and vulnerability. The 5Cs is an Accredited Entity (AE) to the Fund, meaning that it can partner with GCF in delivering mitigation and adaptation projects on the ground in the Caribbean.
Executive Director of the 5Cs, Dr. Kenrick Leslie attended the ceremony along with H.E. Raphael Trotman, Minister of Governance of the Department of Natural Resources and Environment, who signed on behalf of Guyana in the presence of H.E. Winston Jordan, the Guyanese Minister of Finance. Ousseynou Nakoulima, Director of Country Programming, signed on behalf of the Fund.
The GCF aims to help CARICOM Member States to adapt to climate change, by lessening their vulnerability to sea level rise and climate variability; identifying and implementing the Intended Nationally Determined Contributions (INDCs); reporting and assessing of the Member States INDCs and the development and dissemination of renewable energy sources and technology.
According to iNews Guyana, “Francesco La Camera, Director General of the Ministry of Environment of Italy, signed a €6 million project to assist CARICOM Member States to mitigate climate variability and change.”
The GCF also seeks to transfer scientific and technical knowledge, experiences and technology, facilitate the exchange of experts, scientists and researchers; enhance the capacities for the implementation of mechanisms under the United Nations Framework Convention on Climate Change (UNFCCC) and its related instruments, and to promote joint ventures between the private sectors of the Parties.
The Fund provides early support for readiness and preparatory activities to enhance country ownership and access through its country readiness programme. A minimum of 50 per cent of readiness support is targeted at Small Island Developing States (SIDS) such as Guyana, Least Developed Countries (LDCs), and African States.
More than 95 countries have so far expressed interest in receiving readiness support from the Fund, and more than 30 such grants have been approved to date.
The estimated timeframe for the project is five years. Minister Trotman thanked the Government and People of Italy for their continued support and friendship shown towards the people of Guyana and the Caribbean.
Credit: iNews Guyana, Green Climate Fund
Investing in the future is always a challenging decision, for example planning for retirement will often seem to be less urgent when we have pressing daily financial issues that have to be addressed now (unless you are near to retirement age of course). Not tomorrow, not in 10 years, but today. But the truth is that, in order to have a financially stable future, we need to know our risks, assess the potential losses and costs associated with them, and plan accordingly.
Governments face a similar challenge when it comes to thinking about climate change: they need to plan now to be able to manage the risks associated with the climate of today, tomorrow and the future.
In Trinidad and Tobago, being a small island state, you face very clear risks: you have fragile ecosystems, limited land space and a concentration of socio-economic activities within a narrow coastal belt including critical infrastructure (think power generation, ports, oil and gas facilities) which will certainly be adversely affected by rising sea levels and other climate related impacts. According to different studies, climate change will have a significant impact on the country, both on environmental and socio-economic levels, affecting primarily 4 key areas: agriculture, health, human settlements (particularly in coastal areas), and water resources. What do you do about addressing the cost of the impacts of climate change?
To help the Government address this challenging task of financially planning for the risks of adaptation to climate change (sorry but unfortunately there is a cost involved based on current greenhouse gas emissions), the IDB has supported the elaboration of a study on the economics of climate adaptation which aims at providing a tool to help design adaptation strategies to increase a county’s resilience against climate change-related hazards. In Trinidad and Tobago, investing in climate adaptation now will pay off in the future: it is estimated that investments in mangrove restoration and the national building code will have payback period of less than five years and positive benefit-cost ratios – those are smart investments!
Adaptation has to be a priority for Trinidad and Tobago, as well as for the rest of the CARICOM states, and this is why this methodology will be shared across the region in an effort to help Caribbean governments plan for the future: the wise decisions of today can certainly help us secure a climate-resilient future. The piper will have to be paid but it is wise to put aside the resources now and in the right place before the costs are too high.
Credit: Let's Talk Climate Change, Inter-American Development Bank (IDB)