Minister for the Caribbean and Americas, David Rutley MP, signs memorandum of understanding for work to be done to improve access to climate finance in the Caribbean.
The UK Government delivers on COP26 promise to help strengthen Climate Resilience and Finance in the Caribbean region through collaboration with the Caribbean Community Climate Change Centre (CCCCC).
The United Kingdom has signed a Memorandum of Understanding (MOU) in the amount of £2.7 million with the Caribbean Community Climate Change Centre (CCCCC) for work to be done under the Small Island Developing States Capacity and Resilience (SIDAR) Programme.
The SIDAR programme represents delivery on part of the UK’s overall commitment of £11.6 billion for climate finance, with a specific aim to support adaptation and resilience in Small Island Developing States (SIDS). The SIDAR Caribbean programme aims to augment access to climate finance and support programmatic acceleration of climate resilient actions in selected Caribbean countries.
The UK’s support to the CCCCC will help Member States of the Caribbean Community (CARICOM) to address the challenges they face in accessing climate finance. Non-Official Development Assistance (ODA) eligible Member States will be invited to participate in lesson learning and virtual training activities.
Through the CCCCC, the programme will help address the barriers that Caribbean SIDS face in planning for, accessing, and effectively utilizing climate finance. The programme aims to facilitate a sustainable increase in the flow of climate finance, enhance project development and implementation capabilities, and support simplification of the multilateral funding processes with which they must engage.
The CCCCC, in partnership with Member States, will develop funding proposals that are aligned to national priorities for submission to various financial mechanisms under the United Nations Framework Convention on Climate Change and other multilateral and bilateral financing partners.
This concerted effort by the UK is expected to help the Caribbean access US$50 million for the region over the next three years. Dedicated resources will be allocated to beneficiary countries for project preparation grants, including readiness activities, with a target of mobilizing US$3 million in readiness support during the programme’s implementation.
The SIDAR Programme will also establish a Help Desk to provide assistance to CARICOM Member States in the development and implementation of climate change projects. By fostering collaboration, knowledge sharing, and strategic leveraging of resources, the programme is expected to drive sustainable climate actions in the Caribbean region.
Speaking at the signing ceremony on 6 September 2023, UK Minister for the Americas and the Caribbean, The Honourable David Rutley expressed his optimism about the partnership, stating:
The implementation of this initiative under the SIDAR programme marks an important moment in our collective efforts to combat the impacts of climate change.
Through close collaboration with the Caribbean Community Climate Change Centre (CCCCC), the UK is delivering on its promise to help unlock greater amounts of climate finance, strengthen resilience, and secure a sustainable future for SIDS, including those in the Caribbean.
Executive Director for Caribbean Community Climate Change Centre, Colin A. Young, Ph.D. said:
The CCCCC is pleased to partner with the UK to implement the SIDAR programme in the Caribbean, that will increase both the flow and scale of climate finance to CARICOM Member States to help build their resilience to escalating and adverse impacts of climate change, as well as strengthen their capacity to effectively utilize these resources.
We are appreciative of the UK’s commitment to tangibly assist CARICOM in increasing the flow of climate finance in the Region.
The collaborative and strategic interventions in the programme are designed to lead to sustainable change and foster a climate-resilient future for CARICOM Member States.
Background:
1. The SIDAR programme aims to respond to the unique disadvantages SIDS face through small population sizes, remoteness, vulnerability to economic shocks and natural disasters and limited capacity. The programme will focus on building sustainable capacity and increasing access to affordable finance. The specific objectives of the programme are:
- to increase access to and scale of climate finance by Caribbean States, using a programmatic approach where possible
- to assist in building capacity to overcome structural constraints in selected countries
- to identify and prioritise climate actions that can be developed into bankable projects/programmes for the mobilisation of climate finance for select CARICOM Member States
- to explore and deploy innovative climate financing instruments, where appropriate, to increase scale
- to contribute to filling information and data gaps on climate finance in CARICOM Member States
- to coordinate with funding partners to simplify the requirements for accessing financing
2. The Caribbean Community Climate Change Centre (CCCCC) https://www.caribbeanclimate.bz, is an intergovernmental organization established by the Heads of Governments of the Caribbean Community (CARICOM) to coordinate the region’s response to managing and adapting to climate change. The CCCCC also serves as a delivery partner for climate finance for the region, a repository for regional climate change information and data a provider of climate change-related policy advice and guidelines to the CARICOM Member States.
