Caribbean Development Bank will Champion Climate Finance, Resilience, and Energy Transition at COP 29

The Caribbean Development Bank (CDB) will leverage the 29th United Nations Climate Change Conference (COP 29), scheduled for November 11 to 22, 2024, in Baku, Azerbaijan, to amplify the Caribbean's urgent priorities for climate resilience and sustainable development.

At the event, CDB will advocate for significantly increased financing to support its borrowing member countries in accelerating the sustainable energy transition, enhancing disaster and climate resilience, and addressing loss and damage-key elements for the region's long-term development.

"The Caribbean urgently needs financing mechanisms that not only acknowledge our vulnerabilities but also deliver accessible, adequate, and high-quality resources to tackle the severe impacts of climate change," explained CDB's Acting President, Isaac Solomon.

"As we move toward a New Collective Quantified Goal on climate finance, it is critical that this goal is ambitious and responsive to the needs of developing countries. For our region, this means securing substantial, predictable flows of climate finance, as well as simplifying access to these funds to ensure they can drive real and sustainable progress. COP 29 provides a unique opportunity to intensify our advocacy on this front, and CDB remains steadfast in making the case for finance that is truly fit for purpose for our client countries," he added.

CDB's COP 29 agenda features several thematic events aimed at highlighting the region's distinct challenges and needs. On Thursday, November 14, the Bank will host a critical discussion on "Climate Finance Effectiveness in the Caribbean." Jointly organised with the Caribbean Community Climate Change Centre, this session will explore innovative strategies and tools to enhance climate finance flows to the region and maximise the impact of these investments.

On the same day, the Bank will collaborate with the Organisation of African, Caribbean, and Pacific States (OACPS) for a panel discussion on "Enhancing Strategic Collaboration Across OACPS for Climate and Disaster Resilience." This session will emphasise the importance of strategic partnerships in mobilising resources and driving effective actions to build climate resilience in OACPS countries.

Additionally, on Saturday, November 16, CDB will host a session on "The Supporting Resilient Green Energy (SuRGE) Programme and the Caribbean Energy Transition," in collaboration with Global Affairs Canada. This event aims to raise awareness about the support available to the region through CDB's newly launched SuRGE programme.

CDB's participation at COP 29 will culminate on Thursday, November 21, with the session "Climate Adaptation and Resilience in the Caribbean: Challenges and Opportunities," organised with the Organisation of Eastern Caribbean States Commission. This event will underscore the importance of addressing climate change adaptation and resilience building at the community level in the Caribbean.

To further advance the broader regional agenda at COP, the Bank is one of the sponsors of the CARICOM Pavilion, which will be the central hub for the region's activities during the event. This dedicated venue will host key discussions and provide a unifying space for Caribbean delegates in Baku, ensuring a strengthened collective voice in climate advocacy. The Pavilion will also serve as an awareness and advocacy showcase, offering international audiences compelling insights into the region's climate challenges and the support required for effective solutions.