BRIDGETOWN, Barbados, CMC – The Caribbean Development Bank (CDB) has announced plans to 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, in the United Arab Emirates.
The Bank will use the seminal summit to highlight the challenges the climate crisis poses for the Caribbean and advocate for global support to neutralize 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.
In a statement on Thursday, the CDB says it will again join forces with partner organizations 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 favorable 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.
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 transition to sustainable energy.
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, also scheduled for December 5, will be held at the CARICOM Pavilion.
CDB, in collaboration with the Green Climate Fund, will also unveil a significant new initiative to incubate the Region’s Blue Economy. The announcement will be made at a special event on December 1.
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