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Unlocking Climate Change Finance: Opportunities and Constraints

Caribbean Development Bank (CDB) Board of Governors Meeting May 25 2001 Port of Spain, Trinidad and Tobago. Unlocking Climate Change Finance: Opportunities and Constraints. Philip S Weech , Director, BEST Commission, Ministry of the Environment. Our climate is changing

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Unlocking Climate Change Finance: Opportunities and Constraints

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  1. Caribbean Development Bank (CDB) Board of Governors Meeting May 25 2001 Port of Spain, Trinidad and Tobago Unlocking Climate Change Finance: Opportunities and Constraints Philip S Weech, Director, BEST Commission, Ministry of the Environment

  2. Our climate is changing • Impacts immediate, slow onset and longer term • Impacts will accelerate with time • Entire Caribbean and all economic sectors are vulnerable • Adaptation in all sectors - essential • Action is required • supported by finance • technical assistance • ES Technology transfers needed Assumptions

  3. Historical responsibility • Action to address climate change enshrined in the UNFCC Convention • Developed countries • Article 4 (3) new and predictable, agreed full cost reporting article 12, agreed full incremental costs Adequate and predictable flows, burden sharing (annex 1) • Article 4 (4) assist particularly vulnerable in meeting cost of adaptation • and Article 4 (5) promote, facilitate and finance environmentally sound technologies Obligations under UNFCC Convention 1/3

  4. Vulnerable Parties • Developing Countries • Article 4 (7) • The extent to which developing country Parties will effectively implement their commitments under the Convention will depend on the effective implementation by developed country Parties of their commitments under the Convention related to financial resources and transfer of technology and will take fully into account that economic and social development and poverty eradication are the first and overriding priorities of the developing country Parties. Obligations under UNFCC Convention 2/3

  5. Article 4 (8) In the implementation of the commitments in this Article, the Parties shall give full consideration to what actions are necessary under the Convention, including actions related to funding, insurance and the transfer of technology, to meet the specific needs and concerns of developing country Parties arising from the adverse effects of climate change and/or the impact of the implementation of response measures, especially on: (a) Small island countries; (b) Countries with low-lying coastal areas; (c) Countries with arid and semi-arid areas, forested areas and areas liable to forest decay; (d) Countries with areas prone to natural disasters; (e) Countries with areas liable to drought and desertification; (f) Countries with areas of high urban atmospheric pollution; (g) Countries with areas with fragile ecosystems, including mountainous ecosystems; (h) Countries whose economies are highly dependent on income generated from the production, processing and export, and/or on consumption of fossil fuels and associated energy-intensive products; and (i) Landlocked and transit countries Obligations under UNFCC Convention 3/3

  6. Under Construction • Loss and Damage • Fast Start - Copenhagen Accord 30Billion • Longer term – Cancun Accords 100B • Existing - • GEF an entity operating the Financial Mechanism of the Convention • SCCF, LDCF • Existing - Under Kyoto Protocol • Adaptation fund GEF as the secretariat • Features direct access Opportunities - Resources available Under Convention

  7. World Bank (IBRD) • Climate Investment Funds • pledged more than US$6.1 billion a pair of international investment instruments designed to provide interim, scaled-up funding to help developing countries in their efforts to mitigate increases GHG emissions and adapt to climate change. • Bilateral • SIDS Dock Ltd. • ECPA (Energy and Climate Change Partnership of the Americas) Opportunities Resources availableOutside Convention - Examples

  8. Opportunities / Constraints

  9. Cost estimates needed • Estimates of costs to adapt to CC in CDB borrowing member states • GEF incremental cost considerations • Support CDB BM to better take advantages of opportunities • GEF – Caribbean Biodiversity Fund synergies • Direct Access through the Adaptation Fund model • Implement CARICOM regional energy strategy • COTED March 2007- 2011 then CARICOM HOG meeting July 2011 • Regional energy projects • E.g. geothermal – OAS/ECPA Dominica and environs Opportunities for the CDB 1/2

  10. Renewable energy expansions • Insurance pool for hurricane risk associated with RE expansions • Policy reform(s), energy pricing, electricity sector reforms, private and public sector efforts • Demonstration climate proof CDB projects • Loss and Damages • Expansion of Caribbean Disaster Risk programme Opportunities for the CDB 2/2

  11. NO!! • Opportunities exist • Regional development banks involvement in climate financing exists! ADB, AfDB • The Caribbean despite its high vulnerability to the adverse impacts of climate change have taken in initial (very small/modest steps) • Caribbean Disaster Risk insurance • More - Much More Needed Is Climate finance Locked?

  12. Philip S Weech Director, The Bahamas Environment Science and Technology (BEST) Commission, Ministry of the Environment (MTE) Commonwealth of The Bahamas. 2 Floor Dockendale House, West Bay Street, Nassau, N. P. Bahamas THANK YOU

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