Climate change multiplies the power of cyclones and hurricanes. Island States and territories are the most vulnerable and the most exposed to these extreme events. Each tragedy leaves behind devastated territories and populations in danger. Adapting means protecting them.

 

26

new countries joined the initiative

40 +

private sector & intergovernmental partners

Announcements

  • A shared vision for implementing the world’s first climate-smart zone in the Caribbean, supported by private/public partners and multilateral institutions. 
  • Announced by Caribbean leaders (Saint Lucia PM Chastanet, Grenada PM Mitchell, Dominica PM Skerrit) and Sir Branson.
  • $2.8bn committed towards the $8bn investment plan to implement the islands’ NDCs, including:
    • $1bn additional financing from IDB
    • $800M from the CDB over 5 years
    • $100M from the WB for Dominica
    • $6M from Virgin Unite for British Virgin Islands

Accomplishments 

  • Establishment of interim team and governance structure of the Accelerator. Development of a business plan and 5-year budget. 
  • $3.5M raised for Accelerator's operations
  • Partnership with IDB to implement $1bn in funding for major climate-start projects in the Caribbean 
  • Launch of the Accelerator on August 9th in Kingston, Jamaica with PM Holness, President Moreno, Sir Branson, and Usain Bolt with 15 new countries.
  • Announcement of major pilot projects including:
    • $300M to create climate-smart city in Grenada;
    • program with Airbnb to open homes for disaster survivors and relief workers;
    • and $2M for Ocean resiliency in Belize.

Next Steps

  • Establishment of independent legal entity and recruitment of permanent team
  • Further outreach & partnership-building with governments and private-sector leaders
  • Development of full project pipeline
  • Second board meeting on Sept.25th in New York and announcements at One Planet Summit in September 2018
  • Usain Bolt to announce the Accelerator's "Speed Award" in July 2019.
"Tackling climate change will require not just flying higher, but also learning to fly together and far further than ever
before."
Sir Richard Branson

€20M

committed by partners in 2018

18

beneficiary countries and territories in the Pacific

1st

project to be financed in 2018 (€3 M waste management project with SPREP)

Announcements

France and the European Commission launched an initiative on climate and biodiversity
to support adaptation to climate change in the Pacific by:

  • bringing together the main donors in the region to work towards common sustainable development goals; pooling resources and reducing transaction costs to foster ambitious and coherent projects;
  • financing projects linked to the design of nature-based solutions, enhancing sustainable resource management or mitigating natural disaster risk – with grants for investments, technical assistance and/or capacity building.

Accomplishments

  • Agreement between France, the European Union and New-Zealand on the setting up of a pooled funding mechanism, managed by the French Development Agency (AFD), open to other donors
  • Contact established with other possible partners: Germany, Australia, Japan, UK, and Sweden Coordination with regional partners to structure the initiative (Secretariat of the Pacific Community, Secretariat of the Pacific Region Environment Programme)
  • Ongoing review of policy, stakeholders and potential projects to be financed. 

Next steps

  • Signature of a Joint Communiqué between France, New-Zealand and the EU. Other countries invited to join (possibly Australia, Germany, Sweden…)
  • Formulation mission in October to engage a dialogue with officials from the various countries and territories.
  • Contribute to increasing the abilities of Pacific Stakeholders to tackle Climate Change, protect the Environment and Biodiversity, and strengthen the resilience of socio-economic systems in the Pacific
"The Pacific is home to some of the world’s richest ecosystems, and amongst the most vulnerable to the effects of
climate change. The EC and France are joining forces and bringing together a broad range of partners to support
nature-based solutions to safeguard the unique biodiversity of the region."
Neven Mimica, European Commissioner for International Cooperation and Development