The Development of the Resilience Scorecard
The Island Resiliency Action Challenge (IRAC), which is funded annually by the Caribbean Development Bank (CDB) was launched in 2018 based on recommendations from attendees at previous CREF conferences. This event has become a critical and dynamic avenue for problem-solving and collaboration focused on building the resilience of the region by bringing together island policymakers, utilities, regulators, financiers, developers, and manufacturers as a strategic think-tank. The goals of IRAC is to build consensus around hurdles in the Caribbean and identify regional resiliency challenges and actionable solutions indigenous to the region.
The 2020/21 IRAC Task Force was charged with the development of the Resilience Scorecard.
The taskforce interdisciplinary Task Force of stakeholders from all sectors of the Caribbean volunteered their time and resources to build and design the Scorecard for the last year and half. This diverse cross-section of experts comprise of representatives from The Caribbean Climate-Smart Accelerator (CCSA), FortisTCI, Gearing Up Limited, Utility Regulation and Competition Office (OfReg), Coastal, The Government of Bermuda, Rocky Mountain Institute, The Barbados National Oil Company, Caribbean Development Bank, Dominica Electricity Services Ltd, WRB Energy, The University of the West Indies (Cave Hill Campus), The Environmental Defense Fund, Caribbean Centre for Renewable Energy and Energy Efficiency, The Barbados Fair Trading Commission, Advanced Energy Group, Allovance and student volunteers. To date the taskforce has collectively spent in time and resources USD$215, 000.00 on the development of the scorecard.
The Scorecard is unique in that it is not based on traditional measures of GDP used by the international financial community, but rather measures countries against their individual priorities, and the standards and goals they have set for themselves, many aligned targets of the United Nations Development SDGs.
Therefore Scorecard will provide a pathway for allow countries to:
Effectively allocate scarce resources,
Link strategy to budgeting,
Prioritize resilience projects and resources,
Create strategic and capital plans,
Measure the impact of philanthropy and investment projects.
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