Background

The Paris Agreement requires all Parties to develop and maintain Nationally Determined Contributions (NDCs) that align with national priorities and the Sustainable Development Goals (SDGs). Recent Decisions of the Global Stocktake (GST) mandate more ambitious NDCs by 2025 and encourage Parties to come forward with economy-wide emission reduction targets that support the achievement of the 1.5 degree goal and mitigation of the climate crisis in this critical decade. To ensure sustainable growth and maintain its commendable low greenhouse gas emissions, the Caribbean must strategically transition to cleaner energy sources as it continues to develop towards a more climate-resilient economy. The Global Stocktake also emphasizes the importance of critical enablers of climate action, including capacity-building and finance. Recognizing the regional challenges in access to finance, as well as to data to inform the NDC process and investments required, it is crucial to develop NDCs considering its key enablers. The Biennial Transparency Report (BTR) process plays a critical role in providing the necessary data and information which serves as the starting point for informing the NDC process, funding needs and means for tracking NDC progress. At the same time, there are several avenues to be explored in terms of climate finance, including cooperative approaches under Article 6 of the Paris Agreement.

This event will address Caribbean SIDS challenges by strengthening their ability to develop and implement ambitious and implementable NDCs, highlighting the links between NDCs, transparency reporting and climate finance, including the Article 6 of the Paris Agreement. It aims to empower Caribbean islands to make informed decisions, design effective policies, and secure necessary resources, while providing a platform for governments to engage with regional and international bodies to address priorities, increase resilience, and overcome challenges.

Objectives

• To offer participants detailed information on the NDC process, including timelines, target years, relevant COP decisions, and the NDC design process.
• To inform participants about the support available for Caribbean countries in developing NDCs 3.0, including sharing best practices, key challenges, and technical aspects of the NDC reporting process under the Paris Agreement.
• To support participants in integrating sectors into NDCs and transparency reporting, enhance knowledge of climate finance, and showcase successful practices for effective NDCs 3.0.
• To enhance regional knowledge and practical skills on Article 6 mechanisms, including their application in NDC implementation and reporting, and provide a regional platform for Caribbean countries to discuss the role of carbon pricing in achieving national climate policies.