IDB TO JOIN NEW CARIBBEAN CLI­MATE-SMART AC­CEL­ER­A­TOR TO FA­CIL­I­TATE $1BN OF IN­VEST­MENTS

Backed by 26 Caribbean gov­ern­ments and the pri­vate sec­tor, the ac­cel­er­a­tor will fast-track in­vest­ments which sup­port cli­mate ac­tion and eco­nomic growth

The Star (St. Lucia) - Business Week - - NEWS RELEASE -

The In­ter-Amer­i­can De­vel­op­ment Bank has an­nounced that it will part­ner with the Caribbean Cli­mate-Smart Ac­cel­er­a­tor to pro­gramme and im­ple­ment the ad­di­tional $1 bil­lion in funds that it pledged for cli­mate smart-in­vest­ments across the Caribbean re­gion at the Paris One Planet sum­mit on De­cem­ber 12, 2017. This ad­di­tional fund­ing will build on an ex­ist­ing port­fo­lio of over $200 mil­lion for work across the Caribbean re­gion ei­ther di­rectly, or through the Caribbean De­vel­op­ment Bank. The idea is to sup­port in­no­va­tive so­lu­tions fo­cus­ing on low car­bon emis­sions, sus­tain­able in­fra­struc­ture and en­ergy ef­fi­ciency projects. Dur­ing the next three years the IDB will pro­vide $3 mil­lion as start-up funds to the Ac­cel­er­a­tor for the im­ple­men­ta­tion of the Caribbean Cli­mate-Smart ini­tia­tive, with the first $1.5 mil­lion avail­able this year. The Caribbean Cli­mate-Smart Ac­cel­er­a­tor (https://www. caribbeanac­cel­er­a­tor.org/) is an en­tre­pre­neur­ial en­gine that catal­y­ses and fast-tracks pri­or­ity ini­tia­tives to­wards a “cli­mate-smart” zone, de­liv­er­ing re­silience, so­cial de­vel­op­ment and broad-based eco­nomic growth for the Caribbean. Over the next five years, the Ac­cel­er­a­tor will do so by iden­ti­fy­ing and unit­ing com­mit­ments to build­ing a more sus­tain­able and re­silient fu­ture for Caribbean na­tions through col­lab­o­ra­tion be­tween na­tional gov­ern­ments, re­gional and in­ter­na­tional in­sti­tu­tions as well as pub­lic and pri­vate sec­tor or­gan­i­sa­tions. Nearly thirty Caribbean gov­ern­ment heads and some of the largest global com­pa­nies, fi­nan­cial in­sti­tu­tions, and foun­da­tions have joined the Ac­cel­er­a­tor in re­sponse to cat­a­strophic dam­age caused by sev­eral ma­jor hur­ri­canes dur­ing 2017. Forty pub­lic and pri­vate sec­tor or­gan­i­sa­tions have joined the Ac­cel­er­a­tor’s wider coali­tion of part­ners, in­clud­ing Mi­crosoft, Break­through En­ergy Coali­tion, Clin­ton Foun­da­tion, GSMA, The Na­ture Con­ser­vancy, Tesla, The Vir­gin Group, Wil­lis Tow­ers Wat­son, the World Bank and the Caribbean De­vel­op­ment Bank. Given the very real need through­out the Caribbean re­gion for low-cost, blended fi­nance and con­tin­gent credit fa­cil­i­ties, the IDB will work closely with the Ac­cel­er­a­tor to fur­ther de­velop cat­alytic cli­mate risk in­sur­ance and re­siliency in­stru­ments, build­ing on the IDB’s re­cent com­mit­ment of $500 mil­lion to sup­port Bar­ba­dos, Ja­maica, Suri­name and The Ba­hamas with a con­tin­gent credit line for im­me­di­ate bud­get sup­port in the af­ter­math of nat­u­ral dis­as­ters. These ac­tiv­i­ties are be­ing com­ple­mented by ini­tia­tives from the IDB’s Mul­ti­lat­eral In­vest­ment Fund (MIF). For ex­am­ple, MIF is ex­plor­ing the fi­nanc­ing of ve­tiver grass as a bio-en­gi­neer­ing cli­mate-smart solution to re­duce land slip­page and soil ero­sion. A green tech­nol­ogy like ve­tiver grass can re­duce en­vi­ron­men­tal and prop­erty dam­age, as an al­ter­na­tive to tra­di­tional hard-en­gi­neered so­lu­tions. IDB Pres­i­dent Luis Al­berto Moreno was joined by Ja­maica’s Prime Min­is­ter An­drew Hol­ness and Vir­gin Group Chair­man Sir Richard Bran­son at the Au­gust 9 launch event in Kingston, Ja­maica. IDB Pres­i­dent Moreno stated: “The IDB Group reaf­firms its com­mit­ment to the Caribbean and will work with lead­ers of the re­gion to im­prove lives by cre­at­ing cli­mate-smart and vi­brant economies, where peo­ple are safe, pro­duc­tive, and happy. “Through this Cli­mate-Smart Ac­cel­er­a­tor, in ad­di­tion to of­fer­ing new af­ford­able fi­nanc­ing, we will use the IDB’s ex­ten­sive re­gional ex­pe­ri­ence and pres­ence on the ground to work closely with the peo­ple of the re­gion to de­sign their Caribbean of the fu­ture, to­day.”

ABOUT THE IDB

The In­ter-Amer­i­can De­vel­op­ment Bank is de­voted to im­prov­ing lives. Estab­lished in 1959, the IDB is a lead­ing source of longterm fi­nanc­ing for eco­nomic, so­cial and in­sti­tu­tional de­vel­op­ment in Latin Amer­ica and the Caribbean. The IDB also con­ducts cut­ting-edge re­search and pro­vides pol­icy ad­vice, tech­ni­cal as­sis­tance and train­ing to pub­lic and pri­vate sec­tor clients through­out the re­gion.

Nearly thirty Caribbean gov­ern­ment heads and some of the largest global com­pa­nies, fi­nan­cial in­sti­tu­tions, and foun­da­tions have joined the Ac­cel­er­a­tor in re­sponse to cat­a­strophic dam­age caused by sev­eral ma­jor hur­ri­canes dur­ing 2017

A man rides his horse on a flooded street in the af­ter­math of Hur­ri­cane Maria in San Juan, Puerto Rico on Sept. 22, 2017

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