While the challenges posed by climate change increasingly threaten the long-term growth prospects of Eastern Caribbean nations, the World Bank Group’s Country Climate and Development Report for Dominica, Grenada, Saint Lucia, and Saint Vincent and the Grenadines, released yesterday in partnership with the Organization of Eastern Caribbean States Commission (OECS), highlights opportunities for these nations to pursue their development objectives and enhance their resilience in the face of these issues.
The report reveals the influence of climate change on ongoing developmental hurdles. For instance, Saint Lucia may experience a loss of 34% of its sandy beaches by 2100 due to rising sea levels, which could lead to a potential impact on up to 57% of hotel revenues within the same timeframe. Furthermore, all nations included in the report are projected to experience an average increase of 22 additional days each year with temperatures exceeding 30° C by 2100.
Additionally, the Country Climate and Development Report assesses the investment requirements based on the countries’ financial conditions and growth aspirations. It also proposes crucial measures at both national and regional levels to protect development ambitions from climate-related repercussions.
Benoit Bosquet, Regional Director for Planet at the World Bank, stated, “These four countries can strengthen resilience, reduce economic vulnerabilities, and support the achievement of climate commitments by combining investments in resilience with complementary actions to improve the efficiency in the way every dollar is used. Investing in nature-based solutions and moving away from fossil fuels can help strengthen resilience,” stated Benoit Bosquet World Bank Regional Director for Planet.
He noted that the energy, transport, and waste sectors are the primary sources of emissions in these nations, and facilitating a shift towards low-carbon alternatives in these areas can enhance resilience against climate impacts.
Significantly, the report outlines a range of investments aimed at creating a “resilient core,” enabling countries to achieve the Sustainable Development Goals while minimizing infrastructure damage and interruptions to services caused by adverse events. It considers the challenges posed by high financing costs and evaluates two possible investment pathways.
Commenting on the report, the Honorable Kerryne James, Minister for Climate Resilience, the Environment and Renewable Energy remarked, “It serves as a strategic framework to address vulnerabilities and outline a pathway to sustainable growth. By utilizing this report, we can revolutionize our nations. For Grenada, this is not a choice; it is crucial.”
The Country Climate and Development Report acts as a valuable resource for advancing climate and development initiatives by quantifying the requirements and highlighting challenges related to financing them.
Dr. Didacus Jules, Director General of the OECS Commission, emphasized, “We appreciate the significance of this tool, as it is vital in reinforcing the relationship between climate and development,” while encouraging the report to be extended to other countries.
The Country Climate and Development Report not only serves as a call to action but also urges collaboration among governments, the private sector, and the international community.
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