Caribbean Leaders Launch Ambitious Plan to Create the World’s First "Climate-Smart Zone" | WPN World People News

Recent hurricanes have left unprecedented devastation across the Caribbean, and it is a traumatic time for all those who live in the region. Whole communities and towns have been decimated, and the global community needs to act quickly and give generously to relieve suffering and help to rebuild.

Alongside the ongoing emergency response, Caribbean leaders, on December 12, announced the launch of a new public-private coalition to create the world's first "climate-smart zone." The Caribbean Climate-Smart Coalition aims to find a way to break through the systemic obstacles that stop finance flowing to climate-smart investments. With the right domestic and international reforms, the world can step up – and help unleash the means to catalyze an ambitious US$8 billion investment plan to bring greater energy and infrastructure resilience to 3.2 million Caribbean households. This would help Caribbean islands to eliminate their costly dependency on fossil fuels so that they can meet close to 100% of their energy needs from renewable sources, and to embed resilience into communities and livelihoods to realize the bold ambitions of all Caribbean people.

The announcement came at the One Planet Summit hosted by French President Emmanuel Macron in Paris to review progress made on the Paris Agreement adopted by global governments two years ago today.

Caribbean leaders have brought together a Coalition of global organizations such as the Inter-American Development Bank, the World Bank, and the Caribbean Development Bank, as well as businesses and supporters from the Caribbean and the international community. The Coalition aims to reinvigorate the islands that have been impacted by recent hurricanes Irma and Maria, and help build more resilient infrastructure and communities across the region as the likelihood of future extreme weather events increases.

Coalition members will help to establish partnerships that can make investment deals happen. They will also bring their collective abilities together to break down the technological and financial barriers, which represent the last obstacles to Caribbean people grasping the transformational opportunities that are in reach.

Specifically, the Coalition's work will focus on catalyzing four initial critical priorities:

● Scale renewable energy as rapidly as possible to help free Caribbean countries from the high cost of imported fossil fuels and the high vulnerability of centralized distribution systems.

● Build low-carbon and resilient infrastructure including nature-based approaches, to better withstand future extreme weather events.

● Create innovative financing models such as a debt-for-resilience swap initiative in exchange for demonstrated progress on policy reforms and investments to strengthen resilience and promote climate-smart growth pathways. Build platforms to help facilitate the large public and private investments required.

● Strengthen the capacity of Caribbean countries and key regional institutions to plan for long-term resilience and climate-smart growth strategies.

Source: World Bank