Project profile — CARICOM Climate Adaptation Fund

• 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%)

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

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

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.

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 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.

• Proactive disclosure