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Belize Secures up to BZ $122 Million in Grants For Climate Adaptation

Posted: Monday, December 4, 2023. 12:58 pm CST.

Government of Belize Press Release

Belmopan. December 4, 2023.

On the first three days of COP28, the Belize delegation, led by Hon. Christopher Coye, Minister of State, Ministry of Finance, Economic Development and Investment, accompanied by Dr. Osmond Martinez, Chief Executive Officer for the Ministry of Economic Development, held bilateral meetings at the 28th Conference of the Parties (COP28), in Dubai, United Arab Emirates, where access of up to BZD 122,000,000 has been cumulatively identified and/or secured to support in-country climate adaptation and resiliency building measures.  

The UN Climate Change Conference, also known as the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC), is a critical international forum where countries come together each year to discuss and negotiate global efforts to address climate change. This year’s COP runs from November 30th to December 12th. 

Minister Coye and CEO Martinez met with several different climate finance development partners including the Adaptation Fund where the approval of a BZ $10 Million grant for building community resilience via transformative adaptation was announced. This project is scheduled to commence in the first quarter of 2024 and will be implemented by the Protected Areas Conservation Trust (PACT) as the Accredited Entity to the Adaptation Fund. 

A further additional BZ $18 Million direct access grant is allocated for Belize through the Adaptation Fund.  Noting the high vulnerability of Belize’s housing stock to direct damage and loss from hurricanes equivalent to 20% of average annual losses, it is proposed that such funds shall be directed towards climate adaptation in housing.

Belize will also participate and benefit from a regional grant of BZ $8MN from the Adaptation Fund which has also been approved, the implementing Entity being the Central American Bank for Economic Integration (CABEI).  The implementation of the regional project will commence in the first quarter of 2024 and will focus on the use of nature-based solutions to increase resilience for extreme climate events in the Atlantic Region of Central America. This project will result in solutions to the coastal erosion issues experienced by Belize and in particular Monkey River. 

Belize is also poised to embark on its first major project through the Green Climate Fund (GCF), marking a significant milestone in accessing substantial grant funding of BZ $78 Million for building the adaptation capacity of Sugarcane Farmers in the northern part of the country. The Project is scheduled to be approved at the GCF Board Meeting in March of 2024. In conclusion and noteworthy to mention, Belize will also access an additional BZ $8MN from the GCF for its next Readiness cycle. 

Belize, known for its rich biodiversity and vulnerable coastal ecosystems, has long been at the forefront of climate advocacy.  Securing this scale of adaptation financing is a huge accomplishment for Belize and yet another historical milestone under the Briceño administration. While the Belize Delegation is happy for the progress made, Belize will continue to advocate for climate justice for all Belizeans.


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