These costs represented 10 per cent and 22 per cent, respectively, of the 2008 GDP of the Caribbean economy. The Caribbean therefore must redouble efforts to support inclusive green growth and climate smart development. This requires increased investment in mitigation. We need to identify renewable energy projects that can help conserve foreign exchange and ultimately improve fiscal space.
It also requires ramping up investments in adaptation. We need to identify “bankable” adaptation projects. At the same time, tailored support is needed to help Caribbean countries and other small island states access climate related funds especially those offered by the Global Environment Facility (GEF) and the Climate Investment Funds (CIF).