CDB’s President calls for urgent funding to protect Caribbean coastlines
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The acting President of the Caribbean Development Bank urged prompt action to secure the financing of initiatives to safeguard the region’s coastlines and population from the escalating effects of climate change, particularly with a potentially severe hurricane season approaching.
At the opening ceremony of the bank’s annual meeting in Ottawa, Issac Solomon, the acting President, also highlighted the bank’s commitment to supporting infrastructure projects and socioeconomic development.
He added in a press release, “In 2023, the Caribbean Development Bank approved over $400 million in financing across diverse sectors, including water, renewable energy, education, health, and social protection,”
Caribbean nations burdened with heavy debt have consistently urged wealthy countries and major global polluters to uphold their commitments to meet emissions targets, provide climate adaptation funds to vulnerable states, and consider debt relief.
Solomon added, “Climate change is here and now, and the Caribbean is on the front lines. We simply don’t have any time to waste.”
The issue has gained urgency as the region prepares to enter what is forecast to be a highly active hurricane season.
Read more: Caribbean leader criticizes wealthy nations for “empty” climate pledges
Solomon stated that over the next two days, leaders would deliberate on the best strategies for developing long-term plans for climate adaptation and mitigation, energy security, and enhancing logistics for intra-regional trade and food security.
This is particularly important for a region that heavily relies on imports and is vulnerable to global economic shocks.
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