“Climate Change is the defining developmental challenge of the Caribbean for our era…we have an environmental catastrophe that is not of our making but which we realise is not a global priority; to save us we’re going have to do some of this on our own … conceptualising and implementing solutions,” said the Caribbean Development Bank’s (CDB) Governor and Finance Minister of St Vincent and the Grenadines, the Honourable Camillo Gonsalves.
Speaking during a recent visit to CDB’s Headquarters in St Michael, Barbados, Minister Gonsalves challenged the Bank to generate new tools to bolster advocacy efforts to increase sources of finance available for the Region’s growing climate change adaptation and mitigation needs.
Citing the most recent report of the Intergovernmental Panel on Climate Change, he indicated that while Small Island Developing States and low-lying coastal areas can cope with a 1.5° change in global temperature, scientists have affirmed that the increase will exceed this projection. He stated, “With every likely incremental increase things are going to get worse” adding that “Between countries current positions and waiting for something to happen with mitigation we have to adapt, we have to do our best to make our countries livable while the world hopefully comes to its senses. To do that we need money for one of the most expensive challenges we will face developmentally.”
The US$250 billion needed annually for developing countries to finance adaptation, as recorded by the World Bank, is an even steeper challenge to access in the Caribbean, where states are highly indebted and have limited room to borrow. The Region is also recovering economically and socially from the effects of the Covid-19 Pandemic, and various climate events, a situation even more acute in St Vincent and the Grenadines which was hit by a level 4 volcanic eruption, flooding, drought, and other hazards. Speaking more generally on regional response Governor Gonsalves shared that “The reduction of our debt burden is critical, the insulation our development against climate crises and our loans is critical; we have to think about ways today to bring additional resources into the Region to protect us against what’s coming.”
Responding to his call, CDB President Dr Hyginus “Gene” Leon indicated that the institution has developed the Recovery Duration Adjuster (RDA), a tool which the Bank hopes can better position Caribbean countries to access financing and concessions to support recovery and resilience-building to better withstand the impacts of the multiple hazards which bear down on the Region’s countries and economies. “The use of conventional GDP criteria for granting access to funds constrains the Region’s progress. We have to turn this around and say our development thrust and our operations have to be based on the internal resilience capacity of countries.” Dr Leon said he welcomed the perspective of the Governor and encouraged partnership and greater advocacy on the issue.
Minister Gonsalves affirmed his continued support for the Bank stating that “There is no other developmental entity that is going to be as sensitive to the needs of the Caribbean other than the Caribbean Development Bank. There is no other pot of money to be readily available if in crisis than the pot of money under the control of the Caribbean Development Bank. There is going to be no set of leadership that understands what we’re facing better than the leadership of the Caribbean Development Bank. The Bank has a very special role to play in navigating this crisis.”
CDB
Here you are again begging for money to fight Climate Change and blaming it on the rest of the world. You want to mitigate Climate change?? Easy. STOP the DESTRUCTIVE environmentally damaging developments like the horrific ones enabled on GRENADA by the stupid citizenship by investment scheme. You have allowed a PROTECTED RAMSAR site at LEVERA to be devastated by an INAPPROPRIATE, oversized, unnecessary super modern hotel system that is stealing a National Park and wetland. Then there is LA SAGESSE and the essential SALT POND plus the mountain that have been demolished which will also change the weather inside the Bay, add on the stupid SILVER SANDS that destroyed the NATURAL WATERSHED on Grand Anse so all the filth is no longer filtered before it reaches the ocean and the land behind has been undercut to the extreme encouraging collapse due to rainfall PLUS the destruction of 100 year old Palm trees that took care of excess water. The allowance of Silver Sands deliberately flooding the local man’s lot who refused to sell to them which now results in the destruction of his well developed garden of mature fruit trees. You people have no clue as to what mitigates Climate Change as you rampantly destroy the very elements that would save you claiming you need the development.
You exchange greed for the essentials of life that belong to the CITIZENS of each Caribbean island. The water, electrical demands of each stinking ” LUXURY ” hotel means high costs and lack of service for locals. Each hill you denuded of Almond trees, Tamarind trees and more contributes to Climate Change hut you continue to sell off the VERY REASONS Tourists travel to your islands. Nature and the Caribbean architecture along with the local people and their culture. How long do you think you will keep your Caribbean culture when all we see are Chinese faces and influence??? You are very stupid people underrating what your riches really are.