CASTRIES, St. Lucia, CMC – The Organisation of Eastern Caribbean States (OECS) says it has signed a Memorandum of Understanding (MoU) with the Canadian-based carbon-reduction and removal company aimed at combating climate change and advancing carbon project strategies and development in the Eastern Caribbean.
It said that the MoU establishes a framework for the collaborative ownership, development, financing, and implementation of groundbreaking carbon reduction and removal projects throughout the region.
Under the terms of the MoU, Invert will combine its technical and financial expertise in developing climate change mitigation and adaptation projects and complementary carbon crediting mechanisms with the extensive knowledge and regional reach of the OECS.
The St. Lucia-based OECS Commission said that together, and in collaboration with the Caribbean Climate-Smart Accelerator (CCSA), these entities will pool their resources to accelerate the transition towards a low-carbon and climate-resilient future for the Eastern Caribbean.
“This partnership exemplifies the power and importance of collaboration in tackling climate change, one of the most pressing issues of our time,” says Andre Fernandez, the co-chief executive officer at Invert.
“Born in Dominica and raised in Antigua, this initiative is close to my heart and home. I am confident that by combining Invert’s technical carbon expertise and financial resources with the regional strengths and understanding of the OECS and CCSA, this joint initiative will serve as a global model for private-public partnerships to capture carbon while creating valuable social infrastructure,” he added.
OECS Director General Dr. Didacus Jules spoke about the importance of the partnership in contributing to OECS’s strategic agenda.
“This collaboration demonstrates the non-traditional alliances that must be forged between the public and private sectors and civil society to create innovative, sustainable opportunities for the region’s people.
“Significantly, the objectives being pursued are consonant with at least four of the OECS’ five strategic priorities, namely: reinvent the economy; value the environment; build resilience; and advance equity and inclusion.”
The chief executive officer of the Caribbean Climate-Smart Accelerator, Racquel Moses, said one of the region’s primary challenges is funding adaptation, which, unlike mitigation, needs apparent cash flows.
“Mechanisms like blue carbon and agreements like this help us tap into innovative financing opportunities that can close the fundamental gap in financing adaptation,” Moses added.
The OECS said that the joint exploration of the technical and commercial feasibility of multiple carbon projects across the Eastern Caribbean will commence by focusing on the region’s mangrove restoration (blue carbon) projects.
The OECS groups the islands of Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, St. Kitts-Nevis, Montserrat, Anguilla, and the British Virgin Islands.
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