The Bahamas’ people, economy and environment are highly vulnerable to a variable and changing climate. Research indicates that climate change impacts could cost the economy up to $500 million per year by 2025 (7 years from now). The Bahamas is also committed to pursuing a low carbon pathway. This will reduce the country’s ‘carbon footprint’, improve energy security and reduce energy costs. While preparing for such impacts and a low carbon pathway are critical, they are costly. The Green Climate Fund (known as the GCF), offers an attractive source of funding to achieve these goals. The GCF is currently capitalized at $10.3 Billion, and is the largest climate change fund in the world.
With grant funding from the GCF, the Ministry of Environment and Housing (MoEH), in collaboration with the Caribbean Community Climate Change Centre (CCCCC), is launching a project that aims to improve The Bahamas’ capacity and ‘readiness’ to access GCF funds. Project activities include developing operational procedures for Government to engage effectively with the GCF; providing training about the GCF and how to access grants, loans, equities and guarantees from it; and the development of a pipeline of potential project concepts (which align with national priorities) for submission to the fund. These activities are not one-off measures, but will form part of an ongoing process to strengthen the country’s engagement with the Fund.
The project is approximately 12 months in duration, and will follow a country-driven, participatory and inclusive approach to training and development of the pipeline. It is being delivered by a consortium led by Acclimatise, a UK and Barbados-based climate change adaptation and climate finance consultancy, including local firm SEV Consulting. By project completion, The Bahamas will have significantly increased its capacity on accessing GCF finance.
The project inception workshop was hosted by the Ministry of Environment and Housing, the coordinating institution for the GCF, on 13th March 2018. Representatives from government, academia, the private sector and civil society attended. Minister Romauld Ferreira provided stirring opening remarks and stressed the importance of The Bahamas taking a collaborative approach in its response to climate change.
NOTES FOR EDITORS
About Ministry of the Environment and Housing (MoEH)
The Ministry of the Environment and Housing in The Bahamas oversees projects, programmes, policies and other initiatives to maintain the integrity of the environment of The Bahamas and works to ensure sustainable development of the Commonwealth of The Bahamas.
About the Caribbean Community Climate Change Centre (CCCCC):
The Belize-based Caribbean Community Climate Change Centre (CCCCC) coordinates the region’s response to climate change. Officially opened in August 2005, the Centre is the key node for information on climate change issues and the region’s response to mitigating and adapting to climate change. CCCCC sought accreditation to the GCF in 2015 to undertake and scale up both mitigation and adaptation projects across the region in order to drive a paradigm shift in the region’s development patterns.
About the Green Climate Fund
The Green Climate Fund (GCF) is a global fund created to support the efforts of developing countries to respond to the challenge of climate change. GCF helps developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change. It seeks to promote a paradigm shift to low-emission and climate-resilient development, taking into account the needs of nations that are particularly vulnerable to climate change impacts.
It was set up by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010, as part of the Convention’s financial mechanism. It aims to deliver equal amounts of funding to mitigation and adaptation, while being guided by the Convention’s principles and provisions.
Dr Rhianna M. Neely-MurphyMinistry, of the Environment and Housing: firstname.lastname@example.org