First Regional Investment Forum on Meeting Paris Climate Targets to be Held in St. Lucia

written by BVC October 17, 2018
Photo of two people playing in the ocean near sunset with the sun reflecting on the water with an orange glow throughout the photo. A sailboat sits on the water a ways away behind them.

The first forum of the Caribbean Nationally Determined Contributions Finance Initiatives (NDC FI) was held on October 11 and 12 in Saint Lucia.

Under the Paris Climate Agreement adopted at COP21, countries all agreed to contribute to the global climate effort. Their respective commitments were expressed in nationally determined contributions (NDCs). These NDCs contain emissions reductions and adaptation goals and targets. Many Caribbean NDCs focus on areas such as renewable energy, energy efficiency, clean transportation, water, climate-smart agriculture, and critical infrastructure.

Implementation of Caribbean NDCs will require significant investment. While Caribbean governments have taken meaningful steps towards fulfilling their NDC targets, success will best be achieved through robust support and effective partnerships with development partners, regional governments, and the private sector.

The NDC Finance initiative (NDCFI) is intended to catalyze regional NDC implementation by beginning to unlock the investment opportunities in the various sectors, while supporting the transition to more resilient economies. The NDCFI was launched in September 2017 and is initially envisioned as a three-year process. One of the critical milestones is the First NDC Investment Forum.

This Forum was jointly organized by the Organization of Easter Caribbean States (OECS) Commission and the Government of Saint Lucia, in collaboration with the United Nations Framework Convention on Climate Change (UNFCCC) and the German Agency for International Cooperation (GIZ) on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), under the auspices of the NDC Partnership.

Support for the Forum has been provided by the NDC Partnership Support Unit, the UNFCCC, the United Nations Development Program (UNDP), the Caribbean Development Bank (CDB), the World Bank Group, the German Government, the government of Taiwan, and the European Union, through its Global Climate Change Alliance (GCCA).

The Forum was convened under the theme Caribbean Climate Leadership: Accelerating NDC Implementation. Its objectives were to:

  • Generate a roadmap for NDC implementation and investment until 2020
  • Identify and validate key NDC investment sectors/sub-sectors
  • Address implementation barriers and processes for updating NDCs, linking them with national needs for mitigation, adaptation and their co-benefits
  • Establish a process for project pipeline development and matchmaking with potential investors
  • Identify and engage development partners to support NDC implementation
  • Establish a network of sector experts, development partners, potential investors and other stakeholders with a view to building new partnerships and catalyzing investments.

The forum brought together ministers and technical experts from OECS and other Caribbean Community (CARICOM) member states and representatives of regional institutions, development partner organizations, and the regional and international private sectors. Together, they will work to address the investment and related challenges to NDC implementation and to decide on concrete action, going forward.

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