IDB Launches ‘One Caribbean’ to Boost Regional Climate Resilience and Development
DUBAI – The Inter-American Development Bank (IDB) has launched “One Caribbean”, a new regional initiative aimed at promoting the sustainable development of the Caribbean, “with a sharpened focus on high-impact initiatives”.
“Caribbean countries are among the most vulnerable to the adverse impacts of climate change, such as rising sea levels, threats to agriculture and biodiversity, and more intense and frequent hurricanes and tropical storms,” said the IDB on the sidelines of the ongoing United Nations Climate Change Conference (COP 28).
The Washington-based financial institution said that the “One Caribbean” program includes four pillars, namely climate adaptation, disaster risk management and resilience; citizen and business security; sustainable development through private sector engagement; and food security.
The IDB said institutional strengthening and digital transformation are “cross-cutting areas of work” and that the goal of “One Caribbean” is “to promote integration and resilience across the region through the support of projects and partnerships that can have a regional impact.
“The programme proposes establishing a Project Preparation Facility (PPF), along with a strategy for partnerships and resource mobilization, with financial innovation at its core,” the IDB said, adding that the programme seeks to generate investment scans that will lead to national digital and resilient investment plans.
Barbados Prime Minister Mia Mottley, Jamaica’s Minister of Finance, Dr. Nigel Clarke, the Presidet of the Barbados-based Caribbean Development Bank (CDB) Dr. Gene Leon and the IDB President, Ilan Goldfajn, participated in a panel discussion at which the initiative was launched.
“The IDB is fully committed to supporting the Caribbean,” Goldfajn said, adding “with ‘One Caribbean’, the IDB is putting forward a regional program that aims to support the Caribbean in becoming a more resilient and competitive region that can overcome the challenges posed by climate change”.
The IDB said it has also reinforced its collaboration with the CDB by signing an addendum to the 2020 Mutual Cooperation Agreement.
“This new action plan strengthens activities aimed at addressing climate change resilient –physical and digital – infrastructure, project preparation and execution in priority areas, private sector productivity and development, and exposure exchange agreements and other financial products, among others,” the IDB said.
It said the countries of Latin America and the Caribbean are “a critical part of the solution to global climate change challenges”
It added that its “Pavilion of the Americas” at COP28, is hosting more than 30 events with international leaders and experts “to showcase initiatives on climate action, from cutting-edge financial instruments to the conservation and sustainable use of natural resources, the Amazon, a just economic transition and more”.
