DUBAI – During the 2023 United Nations Climate Change Conference (COP28), the Inter-American Development Bank (IDB) presented “One Caribbean”, a new regional flagship programme that aims to promote the sustainable development of the Caribbean with a sharpened focus on high-impact initiatives.
Caribbean countries are among the most vulnerable to the adverse impacts of climate change, such as rising sea levels, threats to agriculture and biodiversity, and more intense and frequent hurricanes and tropical storms. The IDB’s “One Caribbean” program includes four pillars: climate adaptation, disaster risk management and resilience; citizen and business security; sustainable development through private sector engagement; and food security. Also, institutional strengthening and digital transformation are cross-cutting areas of work.
The goal of “One Caribbean” is to promote integration and resilience across the region through the support of projects and partnerships that can have a regional impact. The program proposes establishing a Project Preparation Facility (PPF) along with a strategy for partnerships and resource mobilization with financial innovation at its core. Additionally, it seeks to generate investment scans that will lead to national digital and resilient investment plans.
A panel discussion brought together the Prime Minister of Barbados, Mia Mottley; IDB President, Ilan Goldfajn; Jamaica’s Minister of Finance, Nigel Clarke; the Secretary General of Caricom, Carla Barnett; and the President of the Caribbean Development Bank (CDB), Gene Leon. President Goldfajn said: “The IDB is fully committed to supporting the Caribbean. With One Caribbean the IDB is putting forward a regional program that aims to support the Caribbean in becoming a more resilient and competitive region that can overcome the challenges posed by climate change.”
The IDB and the CDB also reinforced their collaboration towards the Caribbean during COP28, by signing an addendum to the 2020 Mutual Cooperation Agreement. This new action plan strengthens activities aimed at addressing climate change resilient –physical and digital- infrastructure, project preparation and execution in priority areas, private sector productivity and development, and exposure exchange agreements and other financial products, among others.
