CARICOM to push case before GCF to enhance climate financing efficiency – Dr Jagdeo
Vice President, Dr Bharrat Jagdeo on Monday emphasised the need for CARICOM leaders to push a solid case before the Green Climate Fund (GCF) to unlock climate financing and enhanced efficiency through which the funds are disbursed.
The GCF is a fund established within the framework of the United Nations Framework Convention on Climate Change, as an operating entity of the Financial Mechanism to assist developing countries in adaptation and mitigation practices to counter climate change.
However, the intermediation of these critical funds has been slothful, impeding countries’ ability to implement projects and mechanisms that will help to adapt to the ever-changing environment.
Dr Jagdeo is adamant that solid representation before the GCF is necessary to accelerate access to financing.
“We subscribed to this laborious number of procedures and paperwork that would overload the capacity of many small countries without them getting access…And so, we need to now move swifter, give directions to our representations on these bodies to try to move through a process of accelerating climate funds,” the vice president underlined in an interview with the Department of Public Information (DPI).
He further emphasised the participation of leaders in unlocking these finances which are crucial to the region’s future.
Guyana has taken the lead in investing in climate resilience, as CARICOM Chairman President Dr Mohamed Irfaan Ali announced Sunday that Guyana is committed to providing US$2 million earned from the Carbon Credit programme.
Additionally, Exxon Mobil’s Global Trust Fund will provide another US$3 million in climate financing to the region.
In total, US$5 million will be injected into the region’s adaption fund, which will finance projects that will accelerate the countries’ resilience in the face of climate change.
Climate financing is one of several pressing issues being discussed at the ongoing 46th Regular Meeting of the Conference of CARICOM Heads of Government in Georgetown, Guyana.