Small Island Developing States (SIDS) in the Caribbean are highly vulnerable to climate change, which affects crucial economic sectors such as tourism, agriculture, and fishing. Rising sea levels and changing weather patterns threaten natural habitats and increase the severity of natural disasters. Despite minimal contributions to global emissions, SIDS in the Caribbean face significant economic risks, with projected annual losses of USD 22 billion by 2050, making emissions reduction essential.
The Caribbean Net-Zero and Resilient Private Sector programme supports climate resilient investments in the Bahamas, Barbados, Belize, the Dominican Republic, Guyana, Jamaica, Suriname, and Trinidad and Tobago. Focusing on agriculture, sustainable infrastructure, renewable energy, transport, and the blue economy, the programme aims to overcome investment barriers by providing advisory services and blended finance solutions. It also emphasises gender mainstreaming to close gender and diversity gaps in the region.
Moreover, the programme aims to scale up private climate finance through local actors by combining advisory services with concessional financing from GCF, which will enhance the region's climate resilience and sustainable development. By mobilising 3.4 times the funding from IDB Invest and other co-financiers, it will help reduce the existing climate finance gap for SIDS in the Caribbean region.
