Launching the Climate Finance Access Network in the Caribbean
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One of the biggest pain points impeding the acceleration of climate finance is the lack of sufficient capital to fund early-stage project preparation and the failure to provide appropriate risk mitigation mechanisms. High government debt, perceived political instability, and weak enabling regulatory environments increase the cost of capital for projects in these countries and create unwanted risks to both private and public funders who are then hesitant to invest. Accessing and mobilizing finance is thus key to building resilience and enabling the energy transition, helping close ambition and implementation gaps. These gaps must be addressed with impactful, scalable solutions that truly move the needle.
To help overcome these gaps, RMI’s Climate Finance Access Network (CFAN) locally recruits, trains, and places in-country embedded finance advisors dedicated to delivering on country needs and priorities while building lasting capacity. These advisors have already unlocked millions in the Pacific, and Canada and the US Department of State, alongside philanthropic donor Open Society Foundations, are now funding the deployment of six additional advisors to help identify, prepare, and secure funding for high-impact climate projects in the Caribbean. As part of CFAN’s regional approach, which involves working closely with regional and direct access entities, the Network is partnering closely with the Caribbean Community Climate Change Centre (CCCCC), who will be a key implementing partner in the region and will host one of the CFAN advisors.
RMI and CCCCC will use this event at COP28 to bring together regional leaders to demonstrate meaningful and scalable climate finance support in the Caribbean by formally launching CFAN’s inaugural Caribbean Cohort. High-level representatives from the region will speak to their needs and experiences, while CFAN’s first Caribbean advisor will share her insights from the ground in sourcing finance for distributed, resilient, and clean energy projects, thereby contributing to energy inclusion and justice and creating lasting change in project development in the Caribbean. Opening remarks from high-ranking Canadian and US representatives will set the stage for global leadership on catalyzing climate capital.
Resources
Unlocking Climate Resilience in Small Island Nations
CFAN Advisors in the Pacific have spent a year on the frontlines mobilizing millions in climate finance — and more is on the way.
Climate Action through Local Ownership
The recent IPCC report has made it clear that there is a narrowing window of opportunity for us to act on climate adaptation and resilience — and that it is an important one for us to seize.
RMI’s Catalytic Climate Capital Initiative: Unlocking Clean Energy Investment in the Global South through Private, Public and Philanthropic Partnerships.
RMI seeks private and philanthropic partners to scale its energy transition efforts across the Global South. The goal: 10 GW of bankable renewable energy projects over the next three years.