The facility will be established at the Saint Lucia Development Bank and will provide loans to finance climate adaptation investments such as rain water harvesting systems and solar water heaters.
The Government of Saint Lucia has allocated US$5 million towards a climate adaptation financing facility, said Prime Minister Hon. Dr. Kenny. D. Anthony earlier this week at the launch of the Disaster Vulnerability Reduction Project (DVRP).
The Climate Adaptation Financing Facility is a pilot mechanism that will help build the resilience of households and firms to climate change, and is part of the DVRP, a US$68 million project that aims to reduce the island’s vulnerability to natural hazards and the adverse impacts of climate change by strengthening critical infrastructure and improving the national capacity to rehabilitate damaged infrastructure.
At the launch, Prime Minister Anthony indicated that a critical element of the DVRP is the climate adaptation financing provision that aims to improve the resilience of households and businesses to natural disasters.
“The Government of Saint Lucia recognizes that the individual impact of an event is often severe and therefore this new [disaster vulnerability reduction] project includes an allocation of US$5 million to a Climate Adaptation Financing Facility,” Dr. Anthony said.
“When a natural hazard or disaster occurs, each individual within society is impacted. In a few instances regrettably there is loss of life and damage to houses, small businesses, micro enterprises and other assets. Even after the passage of the event, the impact lingers with reduced access to critical services.
“The Climate Adaptation Financing Facility will be established as a pilot mechanism to build the resilience of households and firms to climate change. This facility will be established at the Saint Lucia Development Bank and will provide retail loans to eligible households and firms to finance climate adaptation investments such as photovoltaic power systems, rain water harvesting systems, solar water heaters and other initiatives.”
Dr. Anthony urged citizens to take advantage of the facility that, he said, will help build a more resilient and energy efficient Saint Lucia “one individual, one family, one firm at a time.”
The Climate Adaptation Financing Facility will be launched during the first half of 2015.
The Disaster Vulnerability Reduction Project (DVRP) was officially launched on Dec. 2 in a ceremony attended by Prime Minister and Minister For Finance, Economic Affairs, Planning & Social Security, Hon. Dr. Kenny D. Anthony; Minister for Infrastructure, Port Services and Transport, Hon. Philip J. Pierre; and Minister for Public Service, Sustainable Development, Energy, Science and Technology, Sen. Hon. Dr. James Fletcher.
The DVRP represents an investment of US$68 million by the World Bank, the largest project ever undertaken by that agency in Saint Lucia and the Eastern Caribbean.