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Climate Change Center, CARICOM Development Fund agree on cooperation for climate issues

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Posted: Thursday, July 15, 2021. 12:02 pm CST.

By Aaron Humes: A memorandum of understanding between the Caribbean Community Climate Change Centre (CCCCC) and the CARICOM Development Fund (CDF) will see them cooperate on issues related to climate change and adaptation.

The organizations will collaborate on the following: pursuing climate change adaptation strategies in Member States, mainstreaming Climate-Proofed Development within CARICOM, promoting climate-resilient investments in key sectors that include coastal infrastructure, water, coastal and marine ecosystems, agriculture, health and tourism, and developing innovative financing mechanisms to foster growth and improve resilience.

CDF chief executive officer Rodinald Soomer outlined that the agreement focuses on the intersection of the organizations’ mandates and where their actions can be complementary; it promotes the idea that in working together as regional organizations, the whole is greater than the sum of its parts.

While the CDF has recently developed a financing instrument that facilitates a structured approach to climate mitigation through a credit risk abatement facility, the formal agreement with the 5Cs will focus more on climate adaptation as according to Soomer, “perhaps this represents the biggest gap, in terms of the unsatisfied needs of the region.”

Five-Cs executive director Dr Colin Young pointed to the opportunity to “leverage the expertise and experience of each of our institutions to improve the quality of lives of the people on the ground as it relates to climate change adaptation and resilience.”

He particularly highlighted mobilization of climate finance for adaptation; the Five-Cs is accredited to the Green Climate Fund (GCF).

The CCCCC and the CDF have agreed to hold an inception meeting no later than 26th July, 2021 to advance implementation of the MOU.

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