Enhancing a coordinated approach on financing for Climate Action on land in the Caribbean

The Commonwealth Secretariat, the UNFCCC Regional Collaboration Center for the Caribbean (RCC St. George’s), UNCCD, the Caribbean Community Climate Change Center (5Cs), the Caribbean Development Bank (CBD), the Caribbean Biodiversity Fund and the UK COP26 Presidency in the Caribbean hosted a virtual event aimed at synchronizing and catalyzing action for nature-based solutions around biodiversity, land, and climate change financing in the Caribbean on 27 April 2021. The virtual event was attended by over 70 participants from 16 Caribbean Small Island Developing States (SIDS).

Considering the increasing threats to biodiversity and land degradation issues and continuing climate crisis as well as within the context of a global green recovery post COVID-19 pandemic, this event was an opportunity for participating entities to explore financing mechanisms to advance the delivery of ambitious, coordinated action that will help achieve the targets of the three Rio Conventions in the Caribbean Region. The event aimed to:

Highlight the existing approaches being employed in the Caribbean by participating entities in mobilizing finance for biodiversity loss, climate change and sustainable land management practices
Facilitate cross-regional knowledge sharing of best practices for accelerating action around the three Rio conventions in the Caribbean
Identify options for collaborative action and synergies among the Commonwealth Secretariat, three Rio Conventions and other regional organizations in mobilizing financing for Member States in the Caribbean
Synchronize the strengths of CCFAH and UNFCCC RCC in enhancing access to finance for action around the three Rio Conventions in the region.

The opening remarks were delivered by Dr. Ruth Kattumuri, Senior Director, Economic Youth and Sustainable Development Directorate, Commonwealth Secretariat. The key message from the opening remarks was to highlight the need to build innovative solutions to restore climate eco-system in the light of increasing threats to biodiversity, land degradation, the continuing climate crisis, and the ongoing efforts towards a global green recovery from the COVID-19 pandemic.

This was followed by presentations by the Caribbean Community Climate Change Centre (5s), UNCCD and UNFCCC/RCC St. George’s - sharing their experiences in delivering ambitious, coordinated actions that will help achieve the targets of the three Rio Conventions in the Caribbean Region. In the second part of the event, participants listened to presentations by the Commonwealth Secretariat, the Caribbean Biodiversity Fund (CBF) and the Caribbean Development Bank (CDB) before the Q&A session. Some of the key highlights from these presentations included: the importance of utilizing a holistic approach in mobilizing climate financing for NDC implementation, a presentation on available financing Instruments for supporting People-Centered Green-Blue Initiatives and a call for more concessional funding and nuanced approach in the consideration of vulnerability when countries access debt relief.

Ms. Harriet Cross, British High Commissioner to Trinidad and Tobago delivered the closing remarks and set out the UK Government goals to encourage cuts in emissions to keep 1.5 degrees within reach, facilitate greater action on adaptation, help mobilize finance for action, and bring together the relevant stakeholders to make the upcoming COP26 negotiations a success. In her final words, she iterated that it is essential to make technical support more effective to developing countries in accessing climate finance.