BRIDGETOWN, Barbados, CMC – The Barbados-based Caribbean Community ( CARICOM) Development Fund (CDF) has been accredited by the Green Climate Fund (GCF).
The accreditation to the CDF, which provides financial and technical assistance to CARICOM member states participating in the CARICOM Single Market and Economy (CSME), was made during the 37th meeting of the GCF board that took place in Tbilisi, Georgia, late last month.
A GDF statement said that the regional financial body was one of three new organizations accredited by the GCF and as a result of the accreditation empowers the institution to access flexible financing, up to US$10 million per project, for solutions focused on combating climate change and fostering a sustainable future for the region.
“Through this new partnership, the CDF will contribute to the implementation of the GCF’s Strategic Plan, which aims to address emerging climate priorities and the needs of developing nations.
“The CDF, given its programming focus, will be able to propose projects involving both the public and the private sectors, including micro, small, and medium-sized enterprises; contribute to the adaptation and mitigation balance in the GCF portfolio; and enhance private sector participation by reducing the risk of climate investments using financial instruments such as guarantees.”
CDF’s chief executive officer, Rodinald Soomer, said that becoming a GCF-accredited entity dramatically enhances the availability of concessional financing to the CDF member states, enabling them to invest in and implement more robust climate mitigation and adaptation strategies to build resilience.
“The CDF has achieved this milestone at a time when extreme weather events are adversely affecting the Caribbean with increased frequency and severity, heightening the urgency of the Region to respond in an accelerated manner to protect lives and livelihoods, especially in the highly vulnerable and disadvantaged countries, regions, communities and economic sectors in CARICOM that the CDF is mandated to serve,” he added.
CDF resource mobilization officer Eugene Williams described it as a game changer for the CARICOM region, the CDF accreditation.
“We now have access to a larger pool of resources to help member states with climate action projects as outlined in their Nationally Determined Contributions (NDC). This accreditation also expands the number of regional entities with which Member States and agencies in both their public and private sectors can collaborate.”
The GCF is the world’s largest dedicated multilateral fund for climate initiatives. It was created in 2010 under the United Nations Framework Convention on Climate Change. The primary goal of the GCF is to help developing countries combat climate change. The fund focuses on reducing greenhouse gas emissions and improving climate resilience with an emphasis on countries most affected by climate change.
Since 2008, the Barbados-based CDF has actively supported renewable energy (RE), energy efficiency (EE), and climate change initiatives in the Caribbean region.
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