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CDB to intensify lobby for increased climate finance for the Caribbean at COP 28

Nov 24, 2023 News

Kaieteur News – BRIDGETOWN, Barbados: The Caribbean Development Bank (CDB) will intensify its lobby for increased resources for Climate Action in the Region at the 28th Annual United Nations Climate Change Conference (COP28) scheduled November 30 – December 12, 2023, at Expo City, in Dubai, United Arab Emirates.

The Bank will use the seminal summit to highlight the challenges the climate crisis is posing for the Caribbean and to advocate for global support to neutralise the threat. CDB is also supporting the Caribbean’s climate agenda by partially financing the establishment of the CARICOM Pavilion, which will serve as a hub for regional interests at COP 28.

“The Caribbean Development Bank will again join forces with partner organisations from the Region to push for more definitive global action to address Climate Change. Given our extreme vulnerability it is vital that our voices continue to be heard before, during, and after COP as we grapple with the reality of using scarce national resources to adapt to the effects of climate change or recover from the loss and damage,” said the Bank’s President, Dr. Hyginus “Gene” Leon.

“We will continue to use the platform the Conference provides to highlight matters of greatest concern such as the urgent need for increased climate finance under more favourable terms, the importance of considering countries’ resilience and vulnerability in climate finance allocation mechanisms, and the level of support required to accelerate the Region’s transition to Sustainable Energy and Green Trade,” he added.   CDB will host several advocacy-focused sessions to increase awareness about key climate issues starting with a panel discussion on Monitoring, Reporting, and Verification (MRV) Systems for Climate Finance Tracking, which is set for December 4, 2023, at the CARICOM Pavilion. The discussion will explore how MRV systems can improve the management of climate financing, shape climate change policy, and improve data gathering.

Sustainable Energy will be on the front burner on December 5, 2023, when CDB will launch its guidebook on the Minimum Regulatory Function (MRF) for the Energy Sector. The event will include an exposition of how an appropriate electricity sector governance framework can encourage investments in renewable energy and accelerate the Caribbean’s sustainable energy transition. It will be hosted in partnership with the Inter-American Development Bank (IDB) at the IDB Pavilion of the Americas.

A panel on Accelerating the Caribbean Energy Transition will examine how the international development community can propel the Region’s sustainable energy transition by addressing barriers inhibiting investment and action. The session, which is also scheduled for December 5, will be held at the CARICOM Pavilion.  CDB, this time in collaboration with the Green Climate Fund, will also unveil a major new initiative aimed at incubating the Region’s Blue Economy. The announcement will be made at a special event on December 1, 2023, at the Bahamas Pavilion.

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