Caribbean countries to benefit from new global climate fund
22 September 2016 | Mitigation
NEW YORK, United States (CMC) — Six Caribbean Community (CARICOM) countries are seeking assistance for funding of climate related projects after the Commonwealth Climate Finance Access Hub was launched here on Tuesday.
The agreement for the new Commonwealth initiative was signed by Commonwealth Secretary-General Patricia Scotland and Mauritius Prime Minister Anerood Jugnauth.
The first countries to formally request assistance from the Commonwealth Climate Finance Access Hub are Antigua and Barbuda, Barbados, Dominica, Guyana, Jamaica, Mauritius, Namibia, Nauru, Solomon Islands, St Kitts and Nevis, Tonga, and Vanuatu.
Jamaica’s Ministry of Economic Growth and Job Creation said it “looked forward” to receiving support through the hub.
“The placement of a climate finance adviser in our ministry is a priority and a critical step in building our capacity and supporting efforts to improve access and use of available climate finance,” the ministry said in a statement.
The hub, which is being hosted by the Mauritius government, is intended to assist governments deal with the ravaging effects of climate change by accessing funding from a global fund target of $100 billion a year by 2020.
Endorsed by Commonwealth Heads of Government, the Commonwealth Climate Finance Access Hub, will place national climate finance advisers for two years at a time in recipient countries, who will help host ministries to identify and apply for funding streams.
The innovative approach will build on-the-ground capacity to access multilateral funds such as the Green Climate Fund, Adaptation Fund and Climate Investment Funds, as well as private sector finance.
The Commonwealth Climate Finance Access Hub is supported with a $1 million grant (AUS) by the Australian government and a £1 million grant (GBP) from the Commonwealth Secretariat, plus in-kind support from the Government of Mauritius.
Source: Jamaica Observer