Project profile — CARICOM Climate Adaptation Fund



Overview 

CA-3-P009524001
$20,000,000
Caribbean Development Bank (46009)
2020-07-18 - 2024-09-30
Operational
Global Affairs Canada
NGM Americas

Country / region 

• Saint Vincent And The Grenadines (5.40%)
• Jamaica (24.70%)
• Grenada (10.00%)
• Dominica (9.50%)
• Suriname (5.40%)
• Saint Lucia (15.80%)
• Belize (5.40%)
• Antigua and Barbuda (7.40%)
• Guyana (5.40%)
• West Indies, regional (11.00%)

Sector 

• Government And Civil Society, General: Public finance management (15111) (10.00%)
• Other Multisector: Disaster Risk Reduction (43060) (90.00%)

Policy marker 

• Gender equality (significant objective)
• Environmental sustainability (cross-cutting) (significant objective)
• Participatory development and good governance (not targeted)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (principal objective)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Disaster Risk Reduction(DRR) (principal objective)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• Nutrition (not targeted)
• ICT as a tool for development (not targeted)

Description 

This fund contributes to insulating Caribbean Community (CARICOM) member countries from disaster risks and frees up fiscal space to support their essential needs, which have increased due to the COVID-19 pandemic. The Fund consists of two components. The first enhances post-disaster response through the coverage of premiums to the Caribbean Catastrophe Risk Insurance Facility for the nine CARICOM member countries eligible for Official Development Assistance for a two years. The second component assists in developing gender-sensitive innovative financing instruments to mobilize private capital for climate adaptation and disaster mitigation to benefit all CARICOM members.

Expected results 

The expected outcomes for this project include: (1) covering climate risks for nine CARICOM governments over two years in Antigua & Barbuda, Belize, Dominica, Grenada, Guyana, Jamaica, St. Lucia, St. Vincent and the Grenadines and Suriname; and (2) developed innovative financing instruments to catalyze private investment in climate adaptation and disaster resilience.

Results achieved 

Results achieved as of March 2023 include: (1) covered disaster insurance premiums through the Caribbean Catastrophe Risk Insurance Facility for seven eligible countries— Antigua and Barbuda, Belize, Dominica, Grenada, Jamaica, St. Lucia, St. Vincent and the Grenadines—from June 2020 to May 2021 and June 2021 to May 2022; (2) supported ongoing engagement with Guyana and Suriname to facilitate their future membership in the insurance facility — once risk insurance products meet these countries’ specific needs; (3) provided technical assistance to identify and design financial tools to support Caribbean Community member states’ climate resilience; and (4) completed a diagnostic that identified areas for supporting disaster risk financing responsive to the needs of women, girls, and other vulnerable populations in the Caribbean.

Budget and spending 


Original budget $0
Planned disbursement $0
Transactions
Country percentages by sector
Type of finance Aid grant excluding debt reorganisation
Collaboration type Bilateral
Type of aid Contributions to specific-purpose programmes and funds managed by implementing partners
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