The Government of Saint Kitts and Nevis today committed to lead regional efforts to accelerate climate ambitions in the Caribbean with a focus on energy, water, and food security.
The undertaking was made at the closing of the Green Climate Fund (GCF)-hosted ‘Regional Dialogue with the Caribbean Towards a Resilient Caribbean: Advancing Regional Solutions for Climate Action, Sustainable Growth and Inclusive Development’, which was held in Saint Kitts and Nevis.
The Saint Kitts and Nevis Minister of Sustainable Development, Environment, Climate Action, and Constituency Empowerment, Hon. Joyelle Clarke, said strategic initiatives and collaborations were vital to enhance climate resilience and achieve the sustainable development goals.
“The partnership with GCF is critical to support energy security resilience and the sustainability agenda in Saint Kitts and Nevis and the wider Caribbean region,” Minister Clarke said. “The Regional Dialogue has also facilitated regional discussions focusing on Caribbean-wide partnerships on initiatives to help the region tackle common climate change challenges in sectors that will also create new economic opportunities.”
The Minister’s remarks echoed the rallying call issued by the Prime Minister of Saint Kitts and Nevis, Hon. Dr Terrance Drew, at the Regional Dialogue's launch. “I am grateful for the continued support of our international partners and remain committed to ensuring that St Kitts and Nevis is at the forefront of the regional climate resilience movement,” the Prime Minister said.
GCF Executive Director, Mafalda Duarte, said: “This Dialogue is about turning the ambitions and resources of the Caribbean region into historic impact by strategically targeting GCF resources to be as catalytic as possible. GCF is investing more than USD 700 million to help Caribbean countries make tangible and unprecedented investments in building resilient and prosperous societies. SIDS (Small Island Developing States) face immense capacity challenges and we have the most powerful instrument—our Readiness Programme—to respond to them. We’re here to match the region’s ambition with the partnerships and resources it demands.”
The Government of Saint Kitts and Nevis indicated that a major focus of scaling up regional ambitions on climate would be to explore further innovative approaches and financial instruments for increasing resilience, including through private sector-led initiatives. This could include insurance-linked instruments, renewable energy, energy efficiency, climate-resilient infrastructure, debt-for-nature swaps, green hydrogen, performance-based grants, resilience credits and resilience bonds.
The Caribbean region’s appetite for innovative climate action was on display last week when the green light was given to a groundbreaking USD 110 million co-funded GCF project to strengthen water and food security and protect the environment in Barbados, as part of the world’s first debt-for-climate resilience conversion. In Saint Kitts and Nevis, GCF is investing USD 16 million in the Geothermal Energy Facility for the Eastern Caribbean as part of the overall co-funded budget of USD 192.4 million.
The need for accelerated ambition and action is clear. Last year’s hurricane season was one of the costliest ever. Climate-related disasters are projected to cost the Caribbean region USD 22 billion per year—roughly 10 per cent of current GDP—by 2050.
GCF’s regional investment portfolio continues to grow. The Fund has invested USD 237 million in eight climate action projects in Barbados, for a total of USD 714 million in the Caribbean. Almost half of the Fund’s Caribbean investments (45 per cent) are delivered via grants, which support country-led action in the region that does not add to debt burdens.