The signing of two agreements by the European Union (EU) and the World Bank’s (WB) Global Facility for Disaster Reduction and Recovery will provide €30.7 million in funds for two climate resilience and adaptation programs in the Caribbean.
€27.7 million will go to the Caribbean Regional Resilience Building Facility and will support 15 Caribbean Overseas Countries and Territories (OCTs) by providing technical assistance to mainstream resilience, leveraging investments to reduce vulnerability and expanding financial protection against disasters.
€3 million will go to the Technical Assistance Program for Disaster Risk Financing and Insurance and will help Caribbean OCTs understand their financial exposure or contingent liability to disasters, provide an overview of financial protection tools available, assess the feasibility of participating in insurance mechanisms, and facilitate the sharing of knowledge.
It’s hoped that programs such as these will support Caribbean OCTs in planning for long-term resilience and climate-smart growth strategies.
“If there is no doubt that all countries and people are affected by climate change, there is also no doubt that some countries and some people are more vulnerable than others to natural disasters,” said Daniela Tramacere, European Union Ambassador to Barbados, Eastern Caribbean States, the OECS and CARICOM/CARIFORUM.
“This contribution is a token of solidarity of the European people, and recognition of the very difficult challenges the Caribbean nations face. Hopefully this support will enable people and businesses to be more resilient to climate change.”
Tahseen Sayed, World Bank Country Director for the Caribbean, added, “With the growing impact of climate change, Caribbean countries have to adapt and prepare for more frequent and severe storms.”
“Together with our partners, the World Bank is committed to support the islands in strengthening resilience so that development gains made over the past years are not lost in a day.”
Ambassador Jernej Videtič, who heads the EU Delegation to Guyana, Suriname and for the Dutch OCTs and St Barthélemy, commented, “The year 2017 highlighted the Caribbean’s exceptionally high exposure and vulnerability to natural hazards, with two Category 5 hurricanes hitting the region causing major damage.”
“The period of recovery from these hurricanes offers an opportunity to mainstream resilience in countries’ governance and in all sectors of their economies.”
