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President Ali announces financial support for Caribbean climate adaptation

 

— AT the 46th Meeting of Heads of CARICOM

 

Acknowledging the extreme vulnerability of the Caribbean Community (CARICOM) to the adverse impacts of climate change, President Dr. Irfaan Ali, Chairman of CARICOM, has announced a financing of US$2 million towards the Regional Adaptation Fund.

 

During the opening event of the 46th Regular Meeting of the Conference of Heads of Government of CARICOM on Sunday afternoon, President Ali reaffirmed his country’s dedication to the Bridgetown Initiative.

 

The Bridgetown Initiative, spearheaded by Prime Minister Mia Amort Motley of Barbados, advocates for a revamp of the current global financial framework dominated by the IMF and the World Bank. Its aim is to facilitate greater mobilization of private financing for climate transition and enhanced resilience in vulnerable nations.

 

President Ali emphasized Guyana’s staunch support for this initiative, pledging to independently invest in the region’s climate resilience efforts.

 

According to a report from the Department of Public Information, Exxon Mobil’s Global Trust Fund, a major oil corporation, has committed an additional US$3 million for sustainable projects aimed at bolstering resilience and productivity in the region, particularly in terms of food security.

 

CARICOM Chair and Canada’s Minister of International Development, Ahmed Hussen, have also underscored the importance of scaling up access to climate financing and utilizing efficient mechanisms to achieve this objective. In 2023, Guyana received its initial payment of US$150 million, with 15 percent (US$22.5 million) disbursed to 242 Amerindian, riverine, and remote communities for the implementation of 811 economic and social projects. The remaining 85 percent of the payment will be allocated to climate adaptation measures.

 

Guyana has already received $37.5 million in carbon credit payments, with an additional $50 million anticipated later in the year.

 

Climate resilience stands as one of the paramount issues to be deliberated upon at the conference, to be hosted at the Guyana Marriott Hotel in Kingston, Georgetown.

 

Other critical areas of discussion include energy security, food security, regional transportation, regional security (including the situation in Haiti), and border issues, among others.

(Source: DPI)