New Caribbean Climate Investment Program Launched in Trinidad

PORT OF SPAIN, Trinidad – The new Caribbean Climate Investment Program to advance climate change goals by unlocking the potential of the private sector was launched here on Tuesday amidst concerns that the world is still in a peril as a result of climate change.

Candance Bond US Ambassador to Trinidad and TobagoSpeaking at the Energy and Climate Financing for Trinidad and Tobago, United States Ambassador Candace Bond warned that the climate crisis is accelerating while the response remains too slow.

“As the earth overheats towards that critical 1.5 degree Celsius threshold, immediate action is needed more than ever. Acting on climate is about transforming our economies, particularly our energy systems, through investments in net-zero, climate adaption, and nature-positive technologies. “

The diplomat acknowledged that achieving this transformation will not be easy, nor will it be cheap, saying it will cost approximately US$2.4 trillion each year through 2030.

She said that the Biden-Harris administration has made addressing climate change one of its top priorities, recalling last year at the Summit of the Americas, Washington launched the U.S.-Caribbean Partnership to address the Climate Crisis 2030, more commonly known as PACC 2030.

She said this initiative sets the basis for joint collaboration to address key climate challenges with particular emphasis on the transition to renewable energy as stakeholders work toward meeting the long-term goals of the Paris Agreement and the 2030 Sustainable Development Goals (SDGs).

She said the launch of the Caribbean Climate Investment Programme, is a part of PACC 2030’s focus on energy security, climate adaptation, and renewable energy in the Caribbean region.

“We know that government and public funds alone cannot fund the green transformation of our economies.  Green transformation requires innovation and investment from the private sector.  Entrepreneurs, small businesses, and large corporations must be part of the solution.

“Even as I know that the Caribbean is facing the worst of climate change, I also know that the people of the Caribbean are among the most creative and talented in the world. You may have seen me on the road for mas, at an art gallery, or in a panyard, so trust me, I know that if there’s a part of the world that can dream big and turn those dreams into something real, I’m living in it”.

Bond said that she was so amazed to hear how it was discarded machinery and, in some cases, steel oil drums, that led to the creation of the majestic steel orchestras Trinidad and Tobago is known for internationally.

“In a country that took waste materials from what used to be such a dirty industry and cleaned them up, tuned them, and developed the only instrument created in the 20th century, I know it’s just a matter of time and momentum until that innovation is also applied to the climate crisis, resulting in the climate renaissance that we all know is possible.

“In this audience there are inventors who are building the clean energy technologies to help decarbonize and stretch the lifespan of Trinidad and Tobago’s historic energy production.

There are innovators who are using nature to adapt to sudden and slow-onset impacts of climate change and investors that see the job creation and economic potential and are willing to bet on blue-and-green businesses.”

She said that the participation and support of all stakeholders is absolutely necessary if Trinidad and Tobago is going to achieve its Nationally Determined Contributions  (NDCs) under the Paris Agreement.

She said that as a country that has fossil fuels at the backbone of its economy, Trinidad and Tobago has made the bold move of aspiring to achieve 30 per cent renewable energy in the national mix by 2030.

“ To me, that speaks to the recognition that renewable energy can serve as a complement, rather than a threat, to Trinidad and Tobago’s energy value chain,” she said, adding “furthermore, Trinidad and Tobago has set ambitious targets for reducing emissions from the power generation, industrial, and transportation sectors by 15 per cent by 2030 compared to a business-as-usual baseline.

“ Lowering those emissions means innovation, technology, and job creation in cutting edge industries such as electrification, electric mobility, and carbon capture, use, and storage. But these climate change targets should not be limited to the initiatives of the oil and gas industry,” she said.

Bond said that they are applicable to other sectors as well, such as sustainable housing, increased energy efficiency, the decarbonization of port operations, and adaptation of farming practices which all contribute to building a resilient economy.

She said the private sector has a special role to play in this transformation.

“It must create opportunities for re-skilling and up-skilling the current and future workforce, making the strategic investments that will enable Trinidad and Tobago to transition to a green economy.  Why must they do it?  Because there is economic output, job creation, and profit to be made in being on the cutting edge of this global growth industry.”

She said this collective dedication to creating meaningful change will pave the way for a clean energy transition, increasing climate financing opportunities, allowing for a renewed focus on adaptation, and creating opportunities for partnerships to flourish.

She added that this is where the CCIP can assist, noting “CCIP accelerates the deployment of renewable energy and energy efficiency technologies as well as climate adaptation solutions in 11 Caribbean countries, including Trinidad and Tobago.

“It works to promote private sector financing for climate adaptation and mitigation technologies in the Caribbean region, focused on scaling up the transition to an equitable and resilient net-zero-emissions economy.”

Bond said CCIP provides business development services and technical assistance to private sector partners working with renewable energy and energy efficiency technologies.

The program also provides access to finance, de-risking instruments, and lending products to climate finance-seekers working with renewable energy and energy efficiency technologies.

Bond said that CCIP provides technical and financial support to businesses, communities, partner governments, and other entities in developing, scaling, or improving adaptation practices and technologies.

She said while CCIP is regional, it has special relevance to Trinidad and Tobago as addressing energy security and building climate resilience will unlock new economic opportunities, extend the life of its energy economy, and safeguard our communities.

She said the US Embassy here has organized the event in collaboration with the Trinidad and Tobago Chamber of Industry and Commerce, which focuses on supporting small – and medium sized enterprises in accessing climate finance towards clean energy and climate adaptation projects.

“Therefore, I encourage you to schedule meetings with the USAID-CCIP team and engage in an open dialogue on how your organization can apply for this mechanism and capitalize on the access to one-on-one support that is offered,” she said, informing the delegates that the US team will be available to speak with them over the next three days.

Bond said that she was also looking forward to leading a delegation of business in renewable energy from Trinidad and Tobago, the Dominican Republic, The Bahamas, and Jamaica to the largest renewable energy trade show in North America, RE+.

“ We’ll be heading to Las Vegas next week to tell US companies and the global industry all about the opportunities in this region while showing the Caribbean companies all the technology and innovation taking place in the United States.

“It is another opportunity to secure partnerships, amplify our voices, and promote Trinidad and Tobago businesses. It is also a reaffirmation of the US government’s commitment to supporting Trinidad and Tobago’s just transition, the decarbonization and clean energy agenda, and our dedication to foster business growth in pursuit of a sustainable future,” Bond added.