DUBAI, CMC -Caribbean Group (CARICOM) prime ministers Friday praised the South Korea-based Inexperienced Local weather Fund (GCF) after it accredited a grant for additional growth of the Blue Co Caribbean Umbrella Coordination Programme, which goals to scale up financing and funding to assist the transition to a low-emission, climate-resilient blue economic system throughout the area.
GCF govt director Mafalda Duarte mentioned the Caribbean wants roughly US$175 billion by 2030 to fortify marine biodiversity, improve sustainable fishing practices, and bolster coastal defenses towards local weather change.
“But lower than US$10 billion has been invested in these important areas since 2015. The Inexperienced Local weather Fund is able to be a associate for transformative motion. We’re the world’s largest local weather fund, focusing efforts on coastal and marine areas,” Duarte added.
The undertaking preparation facility grant, which was introduced at an occasion on the sidelines of the United Nations Local weather Change Convention (COP 28), might be managed by the Barbados-based Caribbean Improvement Financial institution (CDB). The precise quantity of the grant has but to be disclosed.
“I’m very grateful for the advocacy which the Inexperienced Local weather Fund is advancing on our behalf and for the Blue Co Caribbean Umbrella Coordinating Programme, which is serving as a lifeline for us in accessing the sources to place a framework in place to profit from the financing,” mentioned Dominica’s Prime Minister Roosevelt Skerrit, who can also be chairman of the 15-member regional integration motion.
His Bahamian counterpart, Phillip Davis, applauded the GFC for supporting the growing world in creating climate-resilient pathways to a sustainable future.
“Via this platform, Caribbean nations will be capable to strengthen their blue economic system frameworks and develop tasks that may be replicated and scaled throughout the area,” Prime Minister Davis added.
The CDB mentioned that your entire program, as soon as accredited, will facilitate the event and updating of blue economic system frameworks on the nationwide and regional ranges, the institution of a regional mechanism to assist a extra coordinated response to the Caribbean’s blue economic system wants, and instantly finance the implementation of progressive tasks that assist scale up personal sector funding in a resilient and sustainable blue economic system.
It mentioned greater than 56,000 individuals throughout the area will profit instantly from the initiative, and a further 600,000 might be oblique beneficiaries.
CDB President Dr. Hyginus Gene Leon mentioned the Umbrella Coordination Programme was well timed as a result of whereas the Caribbean Sea has an estimated financial worth of US$407 billion per yr and helps a number of essential marine ecosystems resembling coral reefs, mangroves, and seagrasses, greater than 700 species are underneath menace.
“Regardless of widespread reliance on the ocean for livelihoods, recreation, well being, well-being, and tradition by the Caribbean’s 19 million individuals, sustainable growth purpose 14, which speaks to life beneath water, is the least funded of all 17 Sustainable Improvement Targets (SDGs).”
He mentioned decisive motion is now important as a result of the Caribbean already faces a number of climate-related threats resembling tropical storms, flooding, droughts, sea stage rise, growing ocean temperatures, and local weather change-induced ocean acidification “and now the a number of world crises of the final two years have exacerbated our vulnerability.”
Associated
