Adaption is key to tackling climate change – CDB VP

Vice President, Operations at the Caribbean Development Bank, Isaac Solomon has underscored the impact that climate change is having on infrastructure in the Caribbean.

“Climate change is having a direct impact on our Caribbean infrastructure and is increasing the risks associated with infrastructure projects,” Solomon said at the 6th Caribbean Infrastructure Forum webinar on regional infrastructure investment.

Solomon noted that the CDB continues to ensure the delivery of climate resilient infrastructure projects, even while inflation and supply chain issues have impacted the region’s development.

According to a CDB release, Solomon said: “For us in the Caribbean, adaptation is key. We need to scale up investments in climate change in the coming years, to avoid falling into a cycle of climate change impact, to ensure that we are not struggling with adaptation to address the substantial climate hazards projected.”

Solomon also highlighted the risks faced by the bank’s Borrowing Member Countries, as a result of climate change.

He added that there is a delicate balance now to be struck to safeguard resources such as freshwater aquifers and coastal infrastructure.

According to Solomon, regional governments are now facing significant cost implications in response to climate change and are delicately balancing risks and mitigation.

He said the CDB has responded to this shifting landscape, by adjusting its approach to development financing.

Solomon also stressed that holistic interventions are key, and increased investments is critical to responding to climate change in the current environment.

He noted that, “the needs of the region are great, and un-utilized capital needs to be unblocked to increase the resources available to fund priority infrastructure.”

“To do that however, we need to ensure that we are able to de-risk projects with a development focus to ensure that they become attractive to the private sector.”

According to Solomon, the CDB is now deepening its engagement with the private sector, to unlock the flow of private financing for development projects.