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CBF at COP27: Sustainable Financing For a More Resilient Caribbean Biodiversity

The Government of the Arab Republic of Egypt is hosting the annual UNFCCC Conference of Parties, COP27, from November 6-18, 2022 in Sharm el-Sheikh, Egypt.

The theme of this COP is Delivering for people and the planet, and the conference will focus on developing greater resilience and reducing vulnerability to climate change. COP27 will seek to accelerate global climate action through emissions reduction, scaled-up adaptation efforts, and enhanced flows of appropriate finance, a priority for developing and vulnerable countries worldwide.

Caribbean islands are particularly susceptible to rising temperatures, more severe hurricanes, storms and flooding among the other effects of climate change. The Caribbean Biodiversity Fund’s (CBF) visionary approach will result in the protection of the Caribbean’s vital natural resources at an unprecedented scale for generations to come. The organization’s work contributes to the achievement of international, regional, and national conservation targets and sustainable use of ecosystems while considering their contribution to the quality of life for people.

The Caribbean Biodiversity Fund (CBF) currently actively implements 2 programs: The Conservation Finance Program and the Climate Program through the Ecosystem-based Adaptation (EbA) Facility.

The goal of the CBF Conservation Finance program is to contribute to the sustainability of the Caribbean´s natural capital. The program is mainly supported through the CBF Endowment Fund which allows to secure a reliable, long-term funding stream to the targeted countries.

The Endowment Fund was created at the same time the CBF was established, in 2012, and currently has commitments of about USD 75 million. The proceeds of the Endowment are channeled through eligible National Conservation Trust Funds that have signed Partnership Agreements with the CBF. Since its establishment, the Conservation Finance Program has provided USD 6 million to the National Conservation Trust Funds in 10 countries towards the protection and management of biodiversity and natural resources.

The Ecosystem-based Adaptation Facility (EbA Facility) under the Climate Change Program was established in 2016 and awards grants through competitive calls for proposals for projects that utilize ecosystem-based adaptation approaches to assist marine and coastal zones of the insular Caribbean to adapt to the effects of climate change.

The EbA Facility resources are composed of a 45 million Euros contribution from the International Climate Initiative (IKI) of the German Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety through KfW, the German Development Bank. To date, the EbA Facility has issued three Calls for Proposals and awarded 27 grants in 11 countries across the region.

Biodiversity conservation and nature based solutions to increase climate change resilience

Biodiversity can support efforts to reduce the negative effects of climate change. Conserved or restored habitats do not only remove or capture carbon dioxide from the atmosphere, but can protect communities against rising sea levels and increased storm surges. Mangroves, for example, reduce the disastrous impacts of climate change, protect the shorelines from erosion and low-lying communities from coastal flooding, and are vital for biodiversity ecosystems as the breeding grounds for fishes and other marine wildlife.

The mission of the CBF is to ensure continuous funding for conservation and sustainable development in the Caribbean. This is aligned to one of the priorities of COP27. Since the establishment, the CBF has been able to grow its Endowment Fund from USD 20 million to USD 75 million in commitments, and secure funding of 45 million Euros for the Climate Change Program and the Nature Based Economies Program. To date, CBF has funded over 55 projects valued at approximately USD 41 million. The focus of the projects include, but is not limited to: restoration of mangroves and coral reefs whilst promoting sustainable livelihood opportunities for marine and coastal communities.

Delegation

Representing the Caribbean Biodiversity Fund is our Climate Change Program Manager Dr. Ulrike Krauss. With over 25 years’ experience in natural resource management, Dr Ulrike Kraus will engage in discussions with key stakeholders and partners aimed at engendering additional support for further climate change efforts in the region on behalf of the CBF. She will also participate in events hosted by affiliate organizations such as Global Island Partnership (GLISPA), Friends of Ecosystem-based Adaptation (FEBA), Welthungerhilfe (WHH) among others.

Highlights

The CBF is participating in the following key side events:


Islands of the Future: Identifying Risks and Forging Ambitions for Climate Resilience

Date & Time: Wednesday, 9 November 13:15-14:45 (Egypt)
Location: Thutmose (150)
Hosted by: Saint Kitts and Nevis

This side event will explore how SIDS can build resilient coastal cities by identifying environmental, marine, and climate change risks. Event will discuss how a circular economy can contribute to ecological preservation and economic development of vulnerable coastal cities.


Aligning climate finance flows with Caribbean countries’ climate resilience needs.

Date & Time: Wednesday, 9 November 15:00-16:30 (Egypt)
Location: Khufu (300)
Hosted by: Caribbean Development Bank (CDB)

The side event will raise awareness about the climate change risks faced by Caribbean countries; highlight the efforts that have been made thus far to adapt; and advance discussions on how the New Collective Quantified Goal (NCQG) on climate finance can better respond to Caribbean countries’ needs.


Localized Solutions to Reduce Climate Induced Loss & Damage for the Most Vulnerable

Date & Time: Thursday, 10 November 11:30-13:00 (Egypt)
Location: Memphis (300)
Hosted by: Nadam Foundation

A focus on vulnerability to identify and assist the most at risk to prepare for hazards.. This session will address all-of-society solutions and local voice for tangible practices to reduce loss & damage.


Ocean x Climate Summit

Date & Time: Friday, 11 November 10:00-17:00 (Egypt)
Location: Park Regency Sharm El Sheikh Resort, 58 Gardens Bay
Hosted by: Oceanic Global

Oceanic Global and partners will host an all-day Summit at the Park Regency in Sharm El-Sheikh, to immerse global stakeholders in the importance and potential of the ocean within the climate change narrative, and to support multi stakeholder action for the ocean and all it sustains.

Event details
Register here


The Future of Nature-based Solutions for Adaptation and Resilience: Driving Ambition and Action

Date & Time: Saturday, 12 November 13:00 – 14:00 (Egypt)
Location: Egypt Pavilion
Hosted by: Organized by: IUCN, UNEP, COP27 Presidency, Friends of EbA Network, and the Global EbA Fund

Speakers:

  • Stewart Maginnis, Deputy Director of IUCN
  • Ali Raza Rizvi, Head of Climate Change at IUCN
  • Jessica Troni, Chief – Climate Change Adaptation Unit, UNEP
  • Dr. Ulf Jaeckal, Head of European and International Adaptation to Climate Change of German Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection
  • Marcia Toledo or Nady Mahmoud, UN High Level Climate Champions Team
  • Dr Mohamed Ahmed, GCF-UNDP Climate Change Adaptation Project Manager “Enhancing climate change adaptation in the North coast and Nile Delta Regions in Egypt”
  • Cristina Romanelli, Biodiversity, Climate Change and Health Focal Point at WHO

Climate change is here, and we are already feeling its impacts around the world, from higher temperatures, rising sea levels, and increasing incidences of extreme events. The most vulnerable people – for example in least developed countries and small islands developing states – are too often the hardest hit, with recent studies demonstrating that over 3.3 billion people live in places that are highly vulnerable to climate change. Even under the most optimistic emissions scenarios, society will still need to adapt to climate impacts.

Event details


The Island Bright Spots Event Series: Fostering Island-led Local Action into Global Coalitions

Date & Time: Saturday, 12 November 17:00-18:00 (Egypt)
Location: Moana Blue Pacific Pavilion
Hosted by: GLISPA and partners: UNDP GEF Small Grants Programme, Rare, Caribbean Biodiversity Fund (CBF), Micronesia Conservation Trust (MCT), Smithsonian Institute, SMILO

Island success is built upon initiatives that work – bright spots. Bright spots are proven concepts ready to be scaled that showcase successful solutions to island resilience and sustainability resulting from community partnership. They exemplify how together we can build on what is working to conserve and sustainably utilize our invaluable natural resources.

Register here for virtual participation.


Ecosystem-based adaptation and forest restoration for increased resilience: Experiences and strategies from Haiti, Cuba and the Dominican Republic

Date & Time: Thursday, 17 November 15:00 – 16:30 (Egypt)
Location: Room 7
Hosted by: GLISPA and partners: UNDP GEF Small Grants Programme, Rare, Caribbean Biodiversity Fund (CBF), Micronesia Conservation Trust (MCT), Smithsonian Institute, SMILO

Welthungerhilfe, OroVerde, partners and guests will show best practices and lessons from EbA projects in Haiti, Cuba and the Dominican Republic. Panelists will share successful solutions how the project’s
EbA-approach helps to integrate ecosystem conservation, restoration and adaptation to climate change in rural communities

The CBF will present on lessons learnt from the organization’s EbA projects in Cuba and Haiti and the Dominican Republic and launch its fourth call for proposal under its Ecosystem-based Adaptation Facility.

Event details


About the Caribbean Biodiversity Fund

The Caribbean Biodiversity Fund was established in 2012 to create reliable, long-term funding for conservation and sustainable development in the Caribbean region. The Caribbean Biodiversity Fund (CBF) is a regional umbrella environmental fund that uses a flexible structure to implement innovative solutions and consolidate resource mobilization in the Caribbean through a range of financial instruments. Currently, the CBF has two programs:

  • the Climate Conservation Finance Program, based on an endowment fund, and
  • the Change Program, focused on Ecosystem-based Adaptation (EbA) strategies.

A Nature-based Solutions program will be added to the CBF portfolio by December this year.

For more information, please contact the Caribbean Biodiversity Fund at communications@caribbeanbiodiversityfund.org.

Connect with the CBF: caribbeanbiodiversityfund.org
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Renée Smith
Communication Strategy Support
Renée Smith is Communication Strategy Support. She is a communications specialist who has worked in digital marketing for over a decade and led teams to achieve and often exceed clients’ expectations for brands such as Heineken Jamaica, Ministry of Tourism Jamaica, Wray & Nephew, Magnum Jamaica and the Caribbean among others. Additionally, she has experience in Public Relations, Corporate Communications and Media Management. She has a BSc. in Communication Studies and an ASc. in Computer and Information Science.

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