As international climate negotiations unfold at the annual UN climate conference in Dubai, there is an urgent need for most vulnerable countries, particularly Small Islands Developing States (SIDS) and Least Developed Countries (LDCs) to access climate finance at the speed and scale needed to respond to the worsening climate crisis. Building on the success of mobilizing millions in climate finance in Pacific SIDS since 2021, the Climate Finance Access Network (CFAN) today launched its Caribbean chapter with support from Canada and the United States.
CFAN supplements and builds capacity in SIDS and LDCs by hiring locally and training climate finance advisors to be embedded in governments and Direct Access Entities (DAEs). With initial support from Canada, CFAN launched in the Pacific in 2021 where seven advisors have since unlocked US $64.4 million in climate financing for resilience, while an additional US $463.8 million investment pipeline is under development. Scaling this proven success, CFAN announced at COP28 in the CARICOM pavilion, that the Network is about to deploy seven new advisors in the Caribbean in The Bahamas, Barbados, Grenada, Jamaica, St Lucia, St Vincent and the Grenadines, and at the Caribbean Community Climate Change Centre (CCCCC) in Belize.
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