Caribbean region hopeful of funding

Several of the Caribbean’s leading activists and development institutions are hopeful that outcomes from the UN Climate Change Conference (COP26) in Scotland at month-end, will impact citizens in a positive way.

Among those expressing such views was Daniel Best, the director of projects at the Barbados-based Caribbean Development Bank (CDB), who said it was critical that more funding at concessional rates be directed to finance countries like Barbados to transition from their dependence on fossil fuels.

“We have seen that concessional resources can be catalytic in addressing barriers to investment in sustainable and resilient energy systems in the Caribbean, especially by supporting early-stage project design and development and by de-risking projects in a manner that crowds-in private sector investment.

Concessional financing is also needed at scale to help enhance the resilience of energy systems across the Caribbean,” he said in a report to NewsEnergy, which promotes alternative energy in the region.

The CDB economist added: “The region is already experiencing – and will continue to experience – increasingly intense hurricanes, flooding and other extreme weather events that threaten our energy infrastructure and systems. As such, dedicated and additional resources to support adaptation in small
island developing states . . . is particularly important in this context.

“CDB therefore hopes that developed countries will announce new initiatives and funding at COP26 to fulfil their commitment to channel at least US$100 billion [annually] in climate finance to developing countries, and that they will continue to work toward setting a more ambitious post-2025 climate finance target.”

Dr James Fletcher, the founder of Caribbean Climate Justice said the historic meeting at which the Untied States President is expected to address, was a critical platform for the international community to show that it recognised the gravity of the climate crisis.

According to Fletcher: “One of the ways in which this can be done is through a firm commitment to providing Caribbean countries with access to the finance they need to adapt to the myriad impacts of climate change and to improve the competitiveness and resilience of their economies by transitioning their energy sector to renewable energy.”

Meanwhile, Gary Jackson, the executive director of the Caribbean Centre for Renewable Energy and Energy Efficiency called for a robust mechanism for financial support to specialised regional institutions to provide governments with effective support. (IMC1)