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Environmental Solutions Limited, a Caribbean consulting outfit focused on environmental management, published a strong review of Green Funds in the Caribbean and the opportunities for capacity development. An excerpt is below, read the full article at ESLCaribbean.
Concern about climate change and its many, far-reaching effects has propelled countries around the world to come up with novel ways to achieve socio-economic development without causing additional damage to the environment. One of the more recent solutions has been the establishment of various ‘green funds’ by countries and international aid and development agencies alike. According to Investopedia.com, a green fund is basically “a mutual fund or other investment vehicle that will only invest in companies that are deemed socially conscious in their business dealings or directly promote environmental responsibility. A green fund can come in the form of a focused investment vehicle for companies engaged in environmentally supportive businesses, such as alternative energy, green transport, water and waste management, and sustainable living.”
Here in the Caribbean, Trinidad and Tobago leads the way with a well-established, well-financed Green Fund. The fund was first instituted under the Finance Act 2000 and is financed by a tax of 0.1 per cent of the gross sales or receipts of companies doing business in Trinidad and Tobago. The levy is payable quarterly. The purpose of the fund is “to provide financial assistance to community groups and organisations for activities related to reforestation, remediation, environmental education and public awareness of environmental issues and conservation of the environment.” Since its inception, the fund has successfully financed a number of certified activities totalling approximately TT$117 million. The value of the fund as at January 2012 was TT$2.7 billion.
The key stakeholders in the fund are members of the private sector, which pay the Green Fund Levy; the Ministry of Finance, the official custodian of the fund’s resources; the Ministry of Housing and the Environment, which provides certification Green Fund-supported activities; and civil society organisations that use the resources. The fund can be accessed by corporate companies, non-profits, NGOs and community groups by making the necessary application.
Read the full article here.
The Caribbean Community Climate Change Centre (CCCCC) and the German Financial Cooperation (KfW) signed a wide-ranging aide–mémoire last Friday evening, paving the way for the development of a €12.27 million programme, which will seek to reduce the climate change induced risks facing the Caribbean’s coastal population.
The approximately six year Ecosystem-Based Approaches for Climate Change Adaptation in Coastal Zones of Small Island Developing States in the Caribbean (EBACC) programme, which is slated to start later this year, will be implemented in Saint Lucia, Saint. Vincent and the Grenadines, Grenada and Jamaica.
The programme will have two main components: (i) Investments in sustainable improvements of coastal ecosystems relevant for climate change adaptation, and (ii) knowledge management, project support and monitoring. Under the first component, the programme aims to invest in measures related to protection and sustainable management, rehabilitation or substitution, and monitoring of coastal ecosystems in an effort to assist the participating countries to mitigate climate change induced risks to livelihoods and development prospects. Investments under this component will include, among others, the purchase of equipment directly related to marine protected areas (MPAs) management, reforestation, slope stabilization, coral reef restoration, construction of artificial reefs and break water.
Under Component 2 of the programme, assistance will be provided to the countries in the preparation and implementation of the local adaptation measures, monitoring of project goals and impacts, and the systematization and dissemination of project experiences. The Centre’s Resource Senior Economist and Head, Programme Development and Management Unit, Dr. Mark Bynoe, who along with Senior Programme Development Specialist Keith Nichols led the Centre’s engagement with KfW, notes that the “measures to be pursued under this component will include the harmonization of monitoring methods and the implementation of a monitoring system for the project that will complement the overall monitoring, evaluation and reporting system being developed for the IP”.
Dr. Bynoe notes that “these four participating countries were selected because the programme seeks to establish synergies with the Caribbean’s Pilot Programme for Climate Resilience (PPCR). However, mainly because of the limited financing not all the participating Caribbean PPCR countries will be involved in EBACC. The KfW and CCCCC were advised by the consultants conducting the diagnostic studies for this programme, that the greatest net returns on investments are likely to be gained through investing in the countries selected.” Dr. Bynoe adds that the programme’s focus complements priority areas within the Implementation Plan of the Regional Framework for Achieving Development Resilient to Climate Change that was approved by CARICOM Heads of Government in Match 2012 in Suriname.
Specifically, it will address Strategic Elements 2 and 4 in the IP that seeks to “promote the implementation of specific adaptation measures to address key vulnerabilities in the region” and “encouraging action to reduce the vulnerability of natural and human systems in CARICOM countries to the impacts of a changing climate” respectively.
Executive Director of the CCCCC, Dr. Kenrick Leslie, says “the EBACC programme is part of the implementing phase of the landmarkRegional Strategic Framework to address climate change”. The programme, which will be funded by the German government to the tune of €10.8 million and €1.47 million from the Centre and participating countries through a mix of in-kind and financial support, will operate under a facility approach. This arrangement will allow both governmental and non-governmental institutions in the four participating countries to seek funding for Local Adaptation Measures (LAM).
The agreement signed by the Centre’s Executive Director Dr. Kenrick Leslie, CBE and KfW’s Sector Economist Dr. Josef Haider marks the successful conclusion of KfW’s appraisal mission (March 7-March 17, 2013), which included meetings in Jamaica and St. Lucia with government officials and non-governmental leaders who are directly engaged in climate change adaptation initiatives.