World Bank Report Points to Opportunities to Strengthen climate Resilience in the Eastern Caribbean

Washington, D.C., November 28, 2024 - While climate change impacts pose increasing risk to the long-term growth of Eastern Caribbean states, there are opportunities for these countries to achieve their development goals and increase resilienceby responding to these challenges says the World Bank Group's Country Climate and Development Report for Dominica, Grenada, Saint Lucia, and Saint Vincent and the Grenadines, released yesterday in conjunction with the Organization of Eastern Caribbean States Commission (OECS).

The report underscores the impact of climate change on existing development challenges. Saint Lucia stands to lose 34% of its sandy beaches due to sea level rise by 2100, with up to 57% of hotel revenue affected in the same time frame, it says. All countries covered by the report will see 22 more days per year with temperatures above 30° C by 2100.

The Country Climate and Development Report also estimates investment needs given the countries' fiscal situations and growth goals, and recommends key actions at both the country and regional level to safeguard development goals from climate impacts.

"These four countries can strengthen resilience, reduce economic vulnerabilities, and support the achievement of climate commitments by combining investments in resilience with complementary actions to improve the efficiency in the way every dollar is used. Investing in nature-based solutions and moving away from fossil fuels can help strengthen resilience," says Benoit Bosquet World Bank Regional Director for Planet. "Energy, transport, and waste are the largest contributors to emissions in these countries and supporting a transition to low carbon in these sectors can help build resilience to climate impacts".

Importantly, the report recommends a set of investments to achieve a "resilient core" which would allow countries to meet the Sustainable Development Goals while limiting infrastructure damage and service interruptions in the event of impact. Since these investments come with high financing costs, the report considers the implications of two potential pathways for investment.

Remarking on the report, the Honorable Kerryne James, Minister for Climate Resilience, the Environment and Renewable Energy said, "It is a blueprint for addressing vulnerabilities and charting a path to sustainable growth. If we leverage this report, it can transform our countries. This is not optional for Grenada; it is essential."

This Country Climate Development Report provides a tool to make headway on climate and development objectives by putting a number on needs and pointing to challenges to finance such needs.

"We recognize the value of the tool. It is important in tightening the nexus between climate and development," said Director General of the OECS Commission, Dr. Didacus Jules, while advocating for the report to be expanded to additional countries.

The Country Climate and Development Report is a call for action, but also a call for the government, private sector, and the international community to work together.

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