A YEAR OF ACTION,
PROGRESS AND IMPACT
As the world looks forward to the new year ahead, we at Caribbean Climate-Smart Accelerator (CCSA) take this opportunity to reflect on 2021 and share with our valued stakeholders the progress that we have made this year in the pursuit of fulfilling our mandate to accelerate climate-action in the Caribbean.
In reflecting on the last 12 months, CCSA CEO Racquel Moses said: “We serve the region as its connective tissue, bringing the public and private sectors together to accelerate climate solutions, and that has been our driving mission during 2021.”
She went on to add: “Among our many strategic initiatives this year, we connected over $10.5 billion in projects to five new sources of funding. We formed our Financial Advisory Committee to unlock additional sources of funding for regional investment in climate action, created over 77 connections between the public and private sectors, highlighted the needs of the region as a UN global ambassador at COP26 and beyond, and expanded our network of international partners and collaborators; none of which would have been possible without our incredible donors and our small dedicated and talented team.”
HERE ARE SOME OF CCSA’S HIGHLIGHTS FROM 2021.
Connecting Investors with Projects: 23 Projects Valued at US $10.5 Billion Shared with Investors
One of the most impactful initiatives we activated this year was hosting our first Caribbean Climate-Smart Accelerator Investor Matchmaking Forum on December 1, 2021, where we shared 23 climate-smart projects from across the region that are primed for investment.
Kiesha Farnum, Director of Public Sector Projects at CCSA presented projects from Anguilla, Barbados, Bermuda, Curaçao, Jamaica and Trinidad and Tobago in four categories; Climate-Smart Agriculture, Renewable Energy, Blue Economy and Nature Based Solutions and Physical and Economic Resilience.
“The investment opportunities are there and there is interest from both sides to find the path forward,” said Farnum. “We just need to accelerate the pace of discussions between project owners and investors so that we can move to action with accountability and measurement. During the course of 2022, it is our intention to host three more investor matchmaking forums as we aim to ramp up interest and implementation of regional climate-smart projects.”
Persons with climate-smart projects who wish to submit them for consideration can fill out our project matchmaking submission form.
CCSA FORMS FINANCIAL ADVISORY COMMITTEE
This year we also formed the CCSA Financial Advisory Committee (FAC). The FAC will primarily be responsible for pairing investors with investments to help increase funding available for transformative climate investment in the region, participating in blended financial instruments, advising on the optimum financial structure to successfully bring projects to fruition, and serving as a knowledge resource for the Board of Directors.
CCSA FAC members include: Ivan Carter, Group CEO, Delta Capital Partners, Jamaica; John Peter Clarke, General Manager, Credit & Enterprise Risk, Republic Bank, Barbados; Naomi De Allie, Managing Director, Republic Bank Grenada Ltd.; Nigel Edwards, Executive Director, Unit Trust Corporation, Trinidad and Tobago; Gregory Hill, Managing Director, Ansa Merchant Bank, Trinidad and Tobago; Alicia Taylor, Investment Manager Lead Officer, IDB Invest, Trinidad and Tobago; Daniel Best, Director of Projects, Caribbean Development Bank, Barbados; and Donna Wellington, Managing Director, CIBC First Caribbean International Bank, Barbados.
CLIMATE-SMART AGRICULTURAL PROJECT
Among our most innovative solutions in progress is the climate-smart agriculture project we are working on in Jamaica. We are partnering with the private sector to pilot this programme to target at-risk youth and create entrepreneurship while identifying a path to food security for the region. The project aims to combat the negative impact of future climate scenarios while promoting food security, and building capacity in alternative farming methods in order to provide income.
Investors have been excited by the prospect of this programme and have been coming on board as the cash flows create a fertile opportunity to invest in new solutions that also save foreign exchange by targeting import substitution. The project in its initial iteration will use climate controlled refrigerated shipping containers outfitted with solar powered air conditioning units in collaboration with and following the Simply Mushrooms model from St. Lucia.
SOLAR PANEL ASSEMBLY PROJECT
REGIONAL RESILIENCE SCORECARD
Four Caribbean countries are currently piloting the resilience scorecard concept developed by CCSA as part of the Islands Resilience Action Challenge. They are Barbados, Bermuda, Cayman and Dominica. The scorecard aims to help Caribbean nations identify the areas of resilience most in need of investment, and provides empirical data to philanthropists to help them understand the needs and landscape of the region individually or across various countries. The scorecard also provides an opportunity to highlight priorities while developing a mechanism to attract funding for initiatives.
REGIONAL MANGROVE INVESTMENT PROGRAMME
With mangroves forming a critical coastal ecosystem in the Caribbean that also supports fisheries, this year CCSA collaborated with various execution partners to help accelerate the regeneration of mangroves across the region.
We are currently working as the crucial connective tissue between sectors and across a diverse landscape of partners to create financial solutions that can bring these projects to scale more rapidly. The intention is to catalyse and expand new carbon resilience credits and other innovative financial products linked to blue forests to attract impact investment, and accelerate and scale resilience and adaptation. This will help develop a blueprint for coastal communities around the world aiming to achieve coastal resiliency and sustainability.
CARIBBEAN BLENDED FINANCE FOR RESILIENCE FUND
One of the key challenges faced by countries as part of their national adaptation plans is finance acquisition. As part of our mission to create financing pathways for projects, we lead a task force that is responsible for the creation of the Caribbean Blended Finance for Resilience Fund (CBFR), a regional blended financial instrument that will provide equity, impact investment, mezzanine, debt and a risk mitigation window for climate-resilient infrastructure.
The Fund will provide opportunities aimed at addressing one of the systemic issues impeding the transition to resilient and sustainable energy in the Caribbean, support both public and private sector climate-resilient infrastructure investments, and facilitate recovery or ‘building back better’ strategies. The CBFR Fund is also in alignment with two of the CCSA’s four focus areas; 90% renewable energy for all and 1.5% new green jobs for physical and economic resilience.
“With the CBFR, countries in the region and investors will have access to a blended financial instrument that can help high-impact solar projects get off the ground,” said Cheryl Senhouse, CCSA’s Finance Innovation Director. “This tool makes acquiring financing for renewable energy transition more accessible to countries who do not possess unlimited resources, and encourages investments that can transform lives and contribute towards Sustainable Development Goals”.
CCSA CEO NAMED UNFCCC GLOBAL AMBASSADOR
In August, our CEO Racquel Moses was approached to be a UNFCCC Global Ambassador and enthusiastically accepted the role. Racquel is the only Global Ambassador from a Small Island Developing State (SIDS). “This demonstrates that we serve as the voice not only of the region but also as the voice of SIDS,” said Communications Lead Damon Leon. “ We are working across all SIDS to amplify our needs and to fulfill the promise of climate finance to both mitigate and adapt to climate change.”
CCSA CEO NAMED UNFCCC GLOBAL AMBASSADOR
UNFCCC Global Ambassador and Caribbean Climate-Smart Accelerator CEO Racquel Moses being interviewed on COP26 TV in Glasgow last November.
EXPANDING OUR GLOBAL INFLUENCE
Throughout 2021, CCSA participated in numerous climate-oriented forums and conferences across the world. In October, CCSA went to COP26 in Glasgow with a mission and returned with greater ambition. Our COP26 activation involved a series of meetings and engagements with high-level stakeholders and we also hosted our own COP26 virtual webinar on November 10th 2021 from Glasgow: Caribbean prosperity and sustainability-climate finance as a driver for climate action. Learn more about our COP26 activities on our website.
Blue Economy Development Workshops
In December, CCSA also supported the World Intellectual Property Organization (WIPO) in rolling out training for blue economy business development as part of their Blue Economy Project Development Workshop series.
This initiative was targeted to international organisations, donor agencies, business support organisations, non-governmental and governmental organisations, commercial entities, start-ups and nonprofits looking to collaborate, grow and benefit from the blue economy in the CARICOM region. The workshops were designed to enable all projects related to the blue economy to: become investment or grant ready; have access to training on leveraging IP and innovation tools; get access to key resources; gain access to business model development and partners; join a community of inspiring leaders who are serious about establishing the blue economy and; collaborating with projects in other industries.