Caribbean Development Organizations Trail World in Accessing Climate Funds

Challenges in Implementing Climate-Resilient Projects

BAKU, Azerbaijan, CMC—Caribbean development organizations continue to trail the world in accessing available climate funds and implementing climate-resilient projects.

The executive director of the Belize-based Caribbean Climate Change Centre (CCCC), Dr. Colin Young, said the Caribbean is the least funded region under the Global Climate Fund, reportedly accessing only five million US dollars of available resources.

“We’re behind Asia-Pacific, we’re behind the Least Developed Countries, and we’re behind Africa…while we are agitating for changing of rules that would be more fit for purpose …. we must also ensure that there are demands made for the simplification of the access architecture and reducing of the fragmentation of the donor relationships,” Young said.

The acting director of projects at the Barbados-based Caribbean Development Bank (CDB), L. O’Reilly Lewis, said that while there has been a significant expansion in climate finance for developing countries like those in the Caribbean, “there remains a need to enable the shift towards low emission climate resilience to achieve the goals of the Paris Agreement, ensuring the underlying quality or effectiveness of climate finance is also crucial.”

Solutions and Recommendations

The CDB is actively addressing this challenge, said Valerie Isaac, Division Chief of Environmental Sustainability. “The quality and quantity of climate finance is important for its effectiveness, and in the case of the Caribbean, scaling up this finance requires multi-faceted approaches. These approaches must address the immediate financial needs and the longer-term sustainability of the climate action required in the region.”

The bank is engaging global resources to assist the Caribbean with coordination, collaboration, and the simplification of the climate finance architecture. It is also leveraging partnerships through its soon-to-be-established climate change preparation fund, which will assist in circumventing key barriers inhibiting finance flows in the region.

The chief executive officer of the Caribbean Community (CARICOM) Development Fund (CDF), Rodinald Soomer, advanced recommendations to improve the current track record. “We need to strengthen our relationships with the climate funds that have been established, including the loss and damage fund…ensuring that those of us … already in the space are recognized by the loss and damage fund as actors and viable partners that can bring the climate finance to the region… We also need to strengthen our partnerships with active donors in the space<‘ he said, noting that the recently launched Caribbean Community Resilience Fund is an example of regional financing innovation.

Conclusion

The Caribbean development organizations face significant challenges in accessing climate funds and implementing climate-resilient projects. However, with the engagement of global resources, partnerships, and multi-faceted approaches, the region can scale up its climate finance and achieve the goals of the Paris Agreement.

Frequently Asked Questions

Q: What are the challenges faced by Caribbean development organizations in accessing climate funds?
A: The Caribbean is the least funded region under the Global Climate Fund, reportedly accessing only five million US dollars of available resources.

Q: What is the CDB doing to address this challenge?
A: The CDB is engaging global resources to assist the Caribbean with coordination, collaboration, and the simplification of the climate finance architecture.

Q: What are the recommendations for improving the current track record?
A: Strengthening relationships with climate funds, including the loss and damage fund, and strengthening partnerships with active donors in the space are key recommendations.