The Inexperienced Local weather Fund (GCF) has authorized a grant for additional improvement 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.
The Venture Preparation Facility grant, which was introduced in the present day on the twenty eighth Annual United Nations Local weather Change Convention (COP28), presently underway in Dubai, United Arab Emirates, will likely be managed by the Caribbean Improvement Financial institution (CDB).
The total programme, as soon as authorized, 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 immediately finance the implementation of progressive tasks that assist scale up non-public sector funding in a resilient and sustainable blue economic system. Greater than 56,000 folks throughout the Area will profit immediately from the initiative and a further 600,000 will likely be oblique beneficiaries.
On the launch occasion, President of the CDB, Hyginus Gene Leon, stated the Umbrella Coordination Programme was well timed as a result of whereas the Caribbean Sea has an estimated financial worth of USD407 billion per yr and helps a number of vital marine ecosystems similar to coral reefs, mangroves, and seagrasses, greater than 700 species are below menace.
“Regardless of widespread reliance on the ocean for livelihoods, recreation, well being, well-being, and tradition by the Caribbean’s 19 million folks, sustainable improvement aim 14 which speaks to life under water, is the least funded of all 17 SDGs,” Dr. Leon stated.
He added, “Decisive motion is now vital as a result of the Caribbean already faces a number of climate-related threats similar to tropical storms, flooding, droughts, sea degree rise, rising ocean temperatures, and local weather change-induced ocean acidification and now the a number of international crises of the final two years have exacerbated our vulnerability.”
Govt Director of the GCF, Mafalda Duarte stated, “The Caribbean wants roughly $175 billion by 2030 to fortify marine biodiversity, improve sustainable fishing practices, and bolster coastal defenses in opposition to local weather change. But lower than $10 billion has been invested in these vital areas since 2015.” She added, “The Inexperienced Local weather Fund is able to be a companion for transformative motion. We’re the world’s largest local weather fund, and we’re focusing efforts on coastal and marine areas.”
Philip Davis, Prime Minister of The Bahamas stated, “I applaud the Inexperienced Local weather Fund for its efforts to assist the growing world in creating local weather resilient pathways to a sustainable future”. He added, “Via this platform, Caribbean nations will be capable of strengthen their blue economic system frameworks and develop tasks that may be replicated and scaled throughout the Area.”
Roosevelt Skerrit, Prime Minister of Dominica expressed gratitude for the enter of the GCF and different companions “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 assets to place a framework in place to profit from the financing.”
Donate At Caribbean Information Service, we don’t cost for our content material and we wish to hold it that manner. We’re searching for assist from people and organisations so we are able to
proceed our work & develop CNS additional.