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Remarks by the Caribbean Development Bank at the OECS Climate Financing Workshop

Remarks delivered by Ms. Cheryl Dixon, Caribbean Development Bank

15, 16 February, 2011

Bay Gardens Hotel

Rodney Bay

Saint Lucia

Chairman…………….., Mr., Permanent Secretary, Ministry of Finance, St. Lucia

Colleagues from the World Bank, DFID, CIDA/ Other Distinguished Guests Members of the Media, Workshop Participants, Ladies and Gentlemen, Good Morning.

It is indeed an honour to be able to offer remarks at this workshop on Carbon Finance on behalf of my own institution the CDB.

For CDB it was an easy decision to collaborate with the World Bank and the OECS ESDU on this workshop, to bring this needed information to member states.

In the context of the high indebtedness of our member countries and in the current recessionary conditions, access to post-disaster credit is challenging and the quantum of funds to cover emergency and recovery needs is truly be daunting. We know BMCs are often forced to divert funds from priority development projects to support emergency and recovery needs from damages and losses associated with increasing frequent hazard events, helping to derail planned development goals. At the current levels of indebtedness some countries may be significantly restricted in both access to and quantum of credit they are able to secure.

For CDB’s part, we are fully aware that if we do not place the issue of supporting BMCs’ climate change adaptation agendas we would be of little relevance to our BMCs. Our new President Dr. Warren Smith has stated unequivocally that supporting BMCs access appropriate and sustainable levels of financing to deliver on the more transformatory growth path they have articulated as their objective, will be central to the work of the Bank in the coming years.

Where are we at CDB now?

We have started some of this work by supporting regional institutions such as CCCCC, CIMH to strengthen their capacities to deliver their mandates to support work required to help BMCs assess DRR and climate risks and design and develop policies and plans for Climate Resiliency.

We have also been working with our development development partners such as DFID, and I am happy to say we have just received assistance from DFID as part of a wider regional assistance  to support the Region’s IP for CC to support the mainstreaming of CC in our own operations and to assist with the  development of  strategies to mobilize and leverage concessional resources to finance BMCs climate resiliency programmes.

In another few weeks, we at CDB will begin the negotiating process for the replenishment of the SDF our soft funds window – with our member countries.

Where are we now

For the most part we are being reactive- we have built a fairly strong strategy for CDRM. However this is but the first phase of CC ADAPT,WE need to integrate climate risks in our policies, these need to be cohesive and congruent with a longterm strategy for climate resiliency in all elements of our development programme.

Of course financing is a big part of this.

How do we get the financing we need from what is emerging as a large and very complex global architecture for the delivery of climate finance?

We will need to know what is available from multi-lateral and bilateral and private sources, use a range of instruments– we will need to be imaginative and innovative, to use the opportunities available to access these resources to effectively and successfully finance our long term climate resilient objectives and to reduce or better yet eliminate poverty

I believe that the information which will be shared within the next few days can be put to good use we increase our efforts to focus on meeting our enormous need for financing to address the pressing and challenging issues we face in to successfully  design and to implement appropriate and  effective programmes for climate resiliency and to sustain long term development of our countries.

Thank you

Check out the CDB Page on CIPORE:

Category/ies:Regional News, Regional Speeches.
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