The ECLAC Debt for Climate Adaptation Initiative is an ongoing Caribbean-wide subregional initiative, which seeks to substantively address the high and unsustainable level of debt of many Caribbean economies, which has compromised the growth trajectory of the subregion. The Initiative actively promotes consideration of a strategy to address the high debt-low growth dilemma of the Caribbean in a sustainable manner while fostering investment in climate adaptation and resilience building. The main beneficiaries are Caribbean economies.
The Initiative will be launched in the first instance with the three Pilot economies of Antigua and Barbuda, Saint Lucia and Saint Vincent and the Grenadines.
All outstanding issues necessary for the establishment of the Caribbean Resilience Fund (CRF) will be considered at ECLAC’s upcoming High-Level Meeting on the Caribbean Resilience Fund and Debt for Climate Swap Initiative, scheduled to be held in Antigua and Barbuda, 26-29 July 2022.
In-depth discussions will address the main elements of the CRF; its structure, participation and governance. This will include reflection on optimal housing of the CRF and scope for capitalization of the Fund. The meeting will also explore important next steps for initiating debt swap negotiations.