Caribbean strengthens access to climate finance through loss and damage funding workshop ahead of US$250M grant window

Caribbean nations are now in a stronger position to tap into millions of dollars in climate grant funding aimed at boosting resilience and supporting locally driven responses to the economic and non-economic impacts of climate-related disasters and slow-developing environmental changes. The progress comes after a recent workshop jointly hosted by the Caribbean Development Bank and the Fund for responding to Loss and Damage, stated a CDB press release.

The two-day workshop, held in Bridgetown from May 12 to 13, 2026, brought together National Focal Points and government officials from 15 Caribbean countries eligible to access financing under the FRLD’s Barbados Implementation Modalities (BIM). The BIM serves as a pilot grant programme valued at US$250 million, with applications due by June 15, 2026.

Daniel M. Best, President of CDB, underscored the significance of the initiative in helping the region strengthen resilience against climate shocks.

“The damages and losses from major hurricanes – Maria, Irma, Dorian, Beryl, and Melissa – have caused severe development setbacks, with impacts, in many cases, that amount to several times the GDP of the countries affected. However, the real lesson extends beyond the disaster itself; our response must evolve into bankable and scalable investment pipelines that reduce future losses.”

With the Caribbean estimated to require roughly US$14 billion each year to address climate-related financing demands, the workshop focused on providing practical support and technical guidance to help countries develop strong funding proposals before the submission deadline.

Representatives attended from Dominica as well as  Antigua and Barbuda, The Bahamas, Barbados, Belize, Grenada, Guyana, Haiti, Jamaica, Saint Lucia, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Suriname, the Dominican Republic, and Cuba.

Ibrahima Cheikh Diong, Executive Director of the FRLD, stressed the importance of ensuring Caribbean countries can effectively access the available resources.

“The Caribbean has long borne a disproportionate burden of climate impacts relative to its contribution to global emissions. The FRLD was created precisely to address the critical gap in responding to loss and damage, and the Barbados Implementation Modalities opens a clear pathway to finance. We are committed to ensuring that Caribbean countries have the knowledge and support they need to access this fund. Workshops like this one, co-designed with CDB, are central to that mission.”

The workshop also included participation from regional organisations such as the Caribbean Community Climate Change Centre, the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company and the Caribbean Disaster Emergency Management Agency. Their involvement is expected to strengthen opportunities for collaborative regional and cross-border funding proposals.

CDB, alongside the Caribbean Community Climate Change Centre, remains one of only two regional Caribbean institutions accredited to both the Adaptation Fund and the Green Climate Fund, reinforcing its role as a major access point for countries seeking support through the FRLD.

The initiative also reportedly  supports the Bank’s Strategic Plan 2026–2035, titled “Transforming the Caribbean for Resilience,” which places climate action and expanded access to climate financing among its top priorities for the coming decade. Through efforts to strengthen the capacity of Borrowing Member Countries to secure and use loss and damage funding, CDB says it is turning its regional resilience strategy into direct support for vulnerable communities.

Eligible countries are being encouraged to work closely with CDB and their national focal points to further develop priority interventions and submit strong proposals under the FRLD’s Barbados Implementation Modalities before the June 15, 2026 deadline.