{"id":191234,"date":"2023-11-29T12:40:15","date_gmt":"2023-11-29T16:40:15","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=191234"},"modified":"2023-11-29T12:40:15","modified_gmt":"2023-11-29T16:40:15","slug":"advancing-ndc-implementation-in-antigua-barbuda-through-investment-planning-and-private-sector-engagement","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/advancing-ndc-implementation-in-antigua-barbuda-through-investment-planning-and-private-sector-engagement\/","title":{"rendered":"\u200bAdvancing NDC Implementation in Antigua & Barbuda Through Investment Planning and Private Sector Engagement"},"content":{"rendered":"
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https:\/\/ndcpartnership.org\/: The twin-island nation of Antigua and Barbuda is blazing a trail for ambitious and innovative climate action in the Caribbean. This year, the Government embarked on a comprehensive investment planning process for its updated Nationally Determined Contributions (NDC) and is working to apply a harmonized approach to its National Adaptation Plan (NAP).\u00a0\u00a0<\/span><\/p>

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\u200bThis has provided a welcome opportunity for the NDC Partnership to pilot its\u00a0NDC Investment Planning Guide<\/a>\u00a0with support from\u00a0Climate Analytics<\/a>, funded through the\u00a0Partnership Action Fund<\/a>\u00a0(PAF). In combination with other Partnership-supported efforts on budget mainstreaming, strengthening institutional arrangements for climate finance and further operationalization of the Sustainable Island Resource Framework (SIRF) Fund, Antigua and Barbuda is a strong example of the Partnership\u2019s\u00a0Finance Strategy<\/a>\u00a0in action.<\/p>\n<\/div>\n

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\u200bAntigua and Barbuda lies nestled between the Caribbean Sea and the Atlantic Ocean.\u00a0Like most small island developing states<\/a>\u00a0(SIDS) it is highly vulnerable to the increasingly frequent and intense tropical storms and hurricanes expected due to climate change, as well as droughts, floods, rising air temperatures, decreased annual rainfall and sea level rise.<\/p>

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\u200bThe Prime Minister of Antigua and Barbuda, Gaston Browne, stated in the country\u2019s\u00a0updated Nationally Determined Contributions (NDCs)<\/a>\u00a0that, \u201cOur economic vulnerability has increased following every extreme weather event – such as Hurricane Irma in 2017 that was nothing short of devasting, hitting us at our core. An estimated 80.4% of our country\u2019s gross domestic product (GDP) is at risk due to economic and natural disaster shocks<\/em>.”<\/p>

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\u200bThe country, party to the Paris Agreement, and a member of the NDC Partnership since 2017, is committed to increasing overall environmental and socioeconomic resilience through national climate action.<\/p>\n<\/div>\n

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\u200b\u201cTo accelerate the energy transition<\/em>\u201d, notes the Prime Minister, \u201cAntigua and Barbuda will grow a new energy sector that puts focus on local generation of energy using an abundance of wind and solar to replace 86% of fossil fuel imports by 2030. The transition to a new energy sector is a long-term process and will be accompanied with adequate policies to ensure sustainable and socially inclusive growth for all citizens, particularly women. We remain committed to increasing our ambition to cut emissions, scale up renewable energy, support a socially inclusive energy transition and a just transition of our workforce.<\/em>”<\/p>

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\u200bAntigua and Barbuda places significant emphasis on climate action, both locally and globally, previously chairing the\u00a0Alliance of Small Island States (AOSIS)<\/a>\u00a0and occupying the SIDS seat on the\u00a0Green Climate Fund (GCF)<\/a>\u00a0Board.<\/p>\n<\/div>\n

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\u200bThe country is dedicated to expanding its access to climate finance by championing the establishment of a new fund to assist developing countries in responding to economic and non-economic loss and damage associated with the adverse effects of climate change.<\/p>

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\u200b\u201cIt is unjust and immoral that SIDS should pay the most and emit the very least<\/em>,\u201d states Minister of Health, Wellness, Social Transformation and the Environment, Sir Molwyn Joseph.\u00a0\u201cWe are faced with more intense hurricanes, floods, droughts, sea level rise and extreme heat. Impacts of these events include erosion of our beaches, reduction of water supplies and increased insurance for our homes and businesses.”<\/em><\/p>

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\u200bAntigua and Barbuda is seeking to specifically align additional loss and damage funding and other climate finance support with its national development priorities and its ambitious NDC targets.<\/p>\n<\/div>\n

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\u200bIn pursuit of this goal, the Antigua and Barbuda government sought assistance from the Partnership to create a detailed investment plan for the mitigation and adaptation measures outlined in the NDC Implementation Plan. This plan was initially developed through the Partnership\u2019s\u00a0Climate Action Enhancement Package (CAEP)<\/a>\u00a0and the country\u2019s\u00a0Capacity Building Initiative for Transparency (CBIT)<\/a>. The resulting NDC Financing Strategy and Action Plan reviews the country\u2019s existing capacity to access climate finance, determines the investment needs and gaps in the NDC, prioritizes these requirements, identifies potential sources of finance and suggests policy interventions to overcome obstacles to climate finance. Additionally, it establishes a pipeline of climate investments, including four project concept notes developed or refined by Climate Analytics as part of its investment planning support.<\/p>\n<\/div>\n

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\u200bAntigua and Barbuda has clearly developed a robust climate finance pipeline that directly aligns to its updated NDC, positioning the country well for scaling up access to climate finance. Challenges still remain, however, despite these significant achievements, with financial flows yet to adequately reflect the level of need. To address these gaps, Antigua and Barbuda has engaged with various partners for additional technical assistance:<\/p>\n<\/div>\n

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