Caribbean Development Bank (CDB) collaborated with the Organisation of Eastern Caribbean States(OECS) and hosted a panel discussion focusing on climate resilience earlier this week at COP 28.
The Panel discussion took place under the name, ‘Side Event: Innovative Approaches to Accelerating Climate Finance Flows into the Caribbean.’
The discussion aimed at raising concrete opportunities to adopt and implement innovative approaches to increase the flow of climate finance into the Caribbean region.
Considerably, the panel addressed various aspects in detail which are as follows:
- How the region can work more strategically to mobilize highly concessional climate finance from multilateral climate funds, including the Green Climate Fund and Adoption Fund.
- Innovative approaches to scaling up climate finance flows from Multilateral Development Banks; and
- Strategies for mobilizing private sector financing through blended finance approaches.
In the discussion, ministers and leaders participated which are:
- Quincia Gumbs-Marie, Minister of Sustainability, Innovation and the Environment, Anguilla
- Isaac Solomon, Vice-President (Operations) Caribbean Development Bank
- Stephen o’Driscoll, Head of Environmental, Climate and Social Office, European Investment Bank
- Cheryl Senhouse, Finance Innovation Director, Caribbean Climate Smart Accelerator Inc.
- Valerie Isaac, Division Chief, Environmental Sustainability Unit, Caribbean Development Bank
The insights came forward through the discussion and provided an aid in understanding the solutions for combating the climatic challanges.
Also, the discussion highlighted the scope of introducing at least 300 projects aiming at providing catalytic Grant Capital to help projects move along with the pathway. This as well supports the fund raisers to take initiative to the next stage.
The discussion also highlighted that raising $1 million is even more expensive than raising $50 million because the same level of due diligence that is required for $50 million investment is required for $1 million investment which escalates the need of proper mechanism
Moreover, the accessibility of funding blended finance will provide the opportunity for multiple players in the financial market which have come together to reduce the cost of capital.
Probing ahead, in 2019 as well the actions were taken. However, it is projected to improve by 50% by 2025.