GCF regional workshop spurs private sector engagement in the Caribbean
Following the Green Climate Fund’s (GCF) Structured Dialogue with the Caribbean in 2017, the National Designated Authority (NDA) of Jamaica, the Ministry of Economic Growth and Job Creation, with support from the GCF Readiness Programme, launched a regional initiative to catalyse private sector investments in climate action. The initiative sought to investigate the key barriers to private sector investments, support the accreditation of private sector entities to GCF, share knowledge and promote cooperation among the Caribbean Community (CARICOM) states.
The results of the regional initiative and a draft action plan were presented at the GCF – Caribbean Private Sector Engagement Workshop on 2-4 April 2019. The event brought together over 90 representatives from the Caribbean states, including NDAs, Accredited Entities, local and regional private sector entities, and other development partners.
The workshop included discussions on strategies and partnerships to mobilise private sector investments and their role in driving low-carbon and climate-resilient development. GCF representatives also provided an overview of the Fund’s operations in the Caribbean region and on how the private sector can access the GCF Private Sector Facility (PSF). The participants of the workshop recognised the need for more information sharing to be able to incorporate climate change in their business planning and decision making.
In her opening remarks, Audrey Sewell, Jamaica’s Permanent Secretary in both the Office of the Prime Minister and the Ministry of Economic Growth and Job Creation, called for greater private sector partnerships in climate action initiatives. “Our partnership with the private sector is important as they are critical to the economic growth and job creation agenda,” Sewell said. “However, we all must be very aware that climate change and its possible impact can disrupt all plans and programmes, whether in the private or public sphere if concrete and decisive steps are not taken to deal with this global issue.”
“Through this workshop and others to come, we are equipping all stakeholders, including the private sector, with the knowledge and expertise to also access these funds with the support of the Government, as grant funding and concessional loans. There is no doubt that climate action needs to be integrated in all development planning,” she added.
GCF is firmly committed to Latin America and the Caribbean region. To date, the Fund has approved over USD 1 billion for 22 climate mitigation and adaptation projects, ranging from resilient water sector initiatives in Grenada and Barbados to the promotion of geothermal energy in the East Caribbean region.