Caribbean countries move closer to accessing US$250M climate loss and damage fund

Caribbean countries are now better positioned to access millions of dollars in climate grant financing aimed at strengthening resilience and addressing losses and damages from climate-related disasters.

The development follows a regional workshop hosted earlier this week in Barbados by the Caribbean Development Bank and the Fund for Responding to Loss and Damage.

The two-day session brought together government representatives and national focal points from 15 Caribbean countries eligible under the Barbados Implementation Modalities, a pilot US$250 million grant facility with a submission deadline of June 15.

President of the Caribbean Development Bank Daniel Best said the region continues to suffer severe impacts from hurricanes including Maria, Irma, Dorian, Beryl and Melissa, with some damages exceeding national gross domestic product.

He said the Caribbean must now focus on developing “bankable and scalable investment pipelines” to reduce future losses and strengthen resilience.

The region faces an estimated US$14 billion annually in climate financing needs, according to organisers, who said the workshop provided practical guidance to help countries prepare strong funding proposals ahead of the deadline.

Participating countries included Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Saint Lucia, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Suriname, Dominican Republic and Cuba.

Executive Director of the Fund for Responding to Loss and Damage Ibrahima Cheikh Diong said the Caribbean continues to face a disproportionate burden from climate change despite contributing minimally to global emissions.

He said the Barbados Implementation Modalities offer a direct pathway for countries to access climate financing and support recovery and resilience-building efforts.

Regional agencies, including the Caribbean Community Climate Change Centre, the Caribbean Catastrophe Risk Insurance Facility and the Caribbean Disaster Emergency Management Agency, also took part in the workshop.

The Caribbean Development Bank said the initiative supports its Strategic Plan 2026–2035, which prioritises climate resilience and expanded access to climate financing across the region.