ST. GEORGE’S, GRENADA, 01/02/18: In recognition of the risks caused by climate change to our planet and to humanity in particular, governments, multi-lateral organizations and even private individuals have established several mechanisms to raise finance to support climate change mitigation and adaptation efforts. These funds are what is generally referred to as “climate finance”. Whilst “mitigation” focuses on finding solutions to reduce human-induced global warming – for example through research in renewable energy, “adaptation” focuses on being more resilient to the effects of climate change – some of which are already affecting us now.

Some of the mechanisms have been set up by single governments, such as the International Climate Initiative (IKI) in 2008 by the Government of Germany which finances projects carried out in partner countries by federal implementing agencies, NGOs, business enterprises, universities and research institutes, and by international and multinational organisations and institutions. Some other have been set up by individuals such as Richard Branson’s “Climate Smart Coalition” aimed at rebuilding a more resilient Caribbean region after the devastating 2017 hurricane season. Yet, one of the most prominent initiative to date is the Green Climate Fund (GCF). It was set up by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010.

Grenada is already benefiting from technical support measures for accessing climate finance, mainly through the German Development Cooperation (GIZ) within the Integrated Climate Change Adaptation Strategies (ICCAS) project. This includes measures like the development of a large-scale water project submitted to the Green Climate Fund with a total volume of approx. USD 50 million, or the accreditation support for Grenada Development Bank (GDB), which will enable GDB to submit projects to the GCF.

Actors in the private sector also have an important role to play in the fight against climate change and they too can access “climate finance” for their projects when they contribute to the mitigation or adaption effort. The GIZ’s Regional Climate Finance Readiness project together with the ICCAS project are hosting a 2-days training session on 8th and 9th February 2018. Representative of the private sectors, through the umbrella organisations – such as the Grenada Chamber of Commerce, the Grenada Hotel and Tourism Association, as well as local banks – are invited to learn from local and international climate finance trainers about the funding opportunities available to the private sector and the procedure and conditions to access it.

The Regional Climate Finance Readiness project is an initiative by the German Federal Ministry for Economic Cooperation and Development (BMZ), while ICCAS is funded by the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB) under the International Climate Initiative (IKI). The climate finance initiatives of both projects in Grenada are implemented by the German Development Cooperation (GIZ) in partnership with the Grenadian Ministry of Finance and Energy (MoFE) and the Ministry of Agriculture, Lands, Forestry, Fisheries and the Environment.