SAINT LUCIA, Caribbean – The Global Green Growth Institute (GGGI), an international, intergovernmental organization, is working closely with the government of Saint Lucia and project partners Organisation of Eastern Caribbean States (OECS), Climate Analytics, and the World Resources Institute (WRI), on the Climate Action Enhancement project, funded by the NDC Partnership. The project is aimed at helping Saint Lucia revise and fast-track implementation of its Nationally Determined Contributions climate change goals under the Paris Agreement.
GGGI is contributing to the revision process in three main areas:
- Fossil Fuel Subsidy Modeling – It is thought that changes in the subsides and taxation schemes for fossil fuels in the country could help reduce their consumption, lowering the country’s carbon emissions. GGGI is performing modeling to predict what types of changes to these schemes might be effective, and is working with partner WRI to ensure that these changes do not have unequitable effects on vulnerable segments of the population.
- Climate Finance Strategy – To meet its NDC targets, Saint Lucia will need to find ways to finance relevant projects and programs. GGGI is working with the government to devise a strategy for the country to put in place innovative financing mechanisms such as national financing vehicles, debt-for-climate swaps, green bonds or public-private partnerships, to catalyze investment from domestic, international, and private sector sources and make these goals achievable.
- Climate Change Budget Tracking – When trying to achieve climate goals, it is important to track spending on projects related to those goals. GGGI is working with the government to incorporate tracking of climate change-related spending into the current budgeting process so that spending and investments related to NDCs and climate action can be accurately tracked and measured. It is expected that this activity will support a more detailed tracking initiative in the future.
GGGI believes the government is taking a strong, effective approach to meeting its climate change goals through these activities, and is pleased to help support the transition to a more environmentally sustainable and climate-resilient Saint Lucia.
Click here to learn more about the GGGI Caribbean program.
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