SIDAR Programme launched for Caribbean countries
In a significant step toward enhancing climate change resilience across the Caribbean, the inauguration of the Small Island Developing States Capacity and Resilience (SIDAR) Programme was recently held in Kingston. This pioneering initiative, with funding of £2.7 million (equivalent to approximately J$535 million) from the United Kingdom, aims to bolster the region’s capacity to withstand climatic adversities.
The Caribbean Community Climate Change Centre (5Cs) is set to implement this program across seven member states of CARICOM including Belize, Dominica, Grenada, Jamaica, St Lucia, St Vincent, the Grenadines, and Suriname, marking a pivotal moment for these nations in their fight against climate change.
During the launch, Dr. Colin Young, the executive director of the 5Cs, brought to light the challenges that Small Island Developing States (SIDS) face in securing climate finance. “The current financial systems fail to cater adequately to the unique needs of SIDS within the Caribbean. Despite provisions to prioritize funding for the most vulnerable, the reality falls short of expectations,” he remarked.
Statistics reveal a stark disparity with SIDS receiving only a fraction of the funds allocated by the Global Green Climate Fund (GCF), the largest climate fund globally designed under the United Nations Framework Convention on Climate Change to expedite transformative climate initiatives in developing countries. The Caribbean, despite being among the regions most susceptible to climate change effects, has seen minimal benefits from these funds.
Highlighting the urgent need for substantial investment to adapt to climate change impacts, Young pointed out that the Caribbean’s adaptation investment requirement stands at US$100 billion. The region, however, continues to receive a mere trickle of climate finance, severely hampered by structural and capacity limitations.
Senator Matthew Samuda, serving in the Ministry of Economic Growth and Job Creation with a focus on climate change, iterated the necessity for the Caribbean to enhance project development capabilities to effectively engage with global climate finance entities despite the inherent structural deficiencies of these funds. Jamaica, he assured, stands firmly behind SIDAR, acknowledging the urgent imperative for climate action.
Emphasizing SIDAR’s innovative approach, Young explained how the programme aims not only to simplify the process of accessing climate finance for the Caribbean nations but also to escalate the volume and speed of funding through the development of bankable projects and capacity enhancement. SIDAR will finance a team of project-development specialists and officers within the seven beneficiary countries to spearhead climate finance mobilization efforts, particularly focusing on project-preparation grants and readiness projects.
The British High Commissioner to Jamaica, Judith Slater, reaffirmed the UK’s dedication to supporting SIDS in navigating the complexities of climate finance. She highlighted the ongoing efforts to advocate for a global financial system that is more responsive to the needs and priorities of SIDS, emphasizing the importance of predictability, flexibility, transparency, and efficiency in funding access.
As the Caribbean gears up to combat climate vulnerabilities head-on, the SIDAR Programme emerges as a beacon of hope, promising to bridge the gap between the requisite climate finance and the region’s ambitions for a sustainable future.
Leave a Reply