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Posted: Friday 25 October, 2024 at 2:35 PM

IMF calls for Caribbean Governments to implement climate strategies

By: Jermine Abel at the IMF/World Bank, SKNVibes.com

    WASHINGTON, DC – CARIBBEAN islands remain highly vulnerable to the impacts of climate change, and securing financing for rebuilding efforts is often a difficult process, frequently leaving these nations burdened with high levels of debt.

     

    The International Monetary Fund (IMF) has urged governments in the region to incorporate “mitigation and adaptation” strategies into their policy frameworks to better protect residents and build resilience.

     

    Climate change has resulted in rising temperatures, drought conditions, warmer nights, stronger hurricanes, and rising sea levels, all of which are severely affecting Caribbean economies.

     

    In July, Hurricane Beryl made landfall as a powerful Category 5 storm, impacting St. Vincent and the Grenadines, Grenada, and their dependent islands. The storm caused significant damage to agriculture, public infrastructure, and homes, with nearly $500 million in losses.

     

    “Certainly, the Caribbean region is very vulnerable to climate change shocks, and we are concerned that the patterns of these shocks may be changing, becoming more severe and more frequent, which certainly requires more action on the government side and the multilateral community to support Caribbean economies,” said Ana Cobacho, Deputy Director of the IMF’s Western Hemisphere Department.

     

    During a press briefing at the IMF Headquarters in Washington, DC, Cobacho emphasized the need to “integrate better mitigation and adaptation strategies in public investment plans, also fostering more active participation of private finance in increasing investment for climate resilience, as well as reducing the consumption of fuels through electrification”.

     

    She noted that the region’s transition to green energy presents an opportunity to enhance climate resilience, boost competitiveness, and reduce exposure to future climate shocks by investing in renewable energy.

     

    Rodrigo Valdés, Director of the Western Hemisphere Department, highlighted that Caribbean territories lose an average of 2.5% of GDP annually due to climate-related damages.

     

    To absorb some of these shocks, Valdés stressed the importance of governments adopting sound fiscal policies to prepare for such events.

     

    “It doesn't happen every year, but every 10 years you can have a 25% loss, so you have to be prepared for that, and that means that fiscal policy has to be geared towards that. It's a multi-layered system,” Valdes told reporters in Washington, DC.

     

    He further emphasized the need for resilient investments, the development of insurance mechanisms, and the implementation of contingency bonds to better prepare for future risks.

     

    Valdés praised Jamaica as an example of proactive preparation, noting its effective use of contingency planning over the past year.

     

    “Some countries have been very good on that. Let me take the case of Jamaica and the last year again. They had some possibilities to use contingencies for that case” said Valdés.

     


     

     

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