Business
Caribbean Climate Innovation Center to promote green business, reduce climate risks
The World Bank says the business hub inaugurated on Monday will support the growing number of clean energy and climate technology ventures in the Caribbean. It also stated that the Caribbean Climate Innovation Center (CCIC), the first of its kind in the region, would help reduce the significant threats posed by climate change through the creation of new green businesses.
The Washington-based financial institution said climate change can have “a serious impact on the Caribbean,” pointing to a recent study it conducted highlighting how an estimated 4°C increase in global temperatures lead to disasters such as increased storms, coastal erosion and decline in fresh water resources. Furthermore, the World Bank said additional research estimated that the cost for the Caribbean could be skyrocket, annually, to US$11 billion by 2025.
The bank suggested that in order to address the economic impact of climate change in the region, the CCIC will help local companies working in such sectors as solar energy, energy efficiency, water management, resource efficiency and agribusiness become successful “green ventures through adequate financing, training, mentorship and other services”.
“The new CCIC will help turn climate challenges into economic opportunities,” said Sophie Sirtaine, World Bank Country Director for the Caribbean. “Companies in the Caribbean have the skills and experience to innovate and find environmentally sound and profitable climate solutions the region needs. The CCIC will work with them to make this happen.”
Sirtaine also said that numerous domestic natural resources, such as solar, wind, geothermal and biomass, can be tapped to move the region away from fossil fuels. Therefore, by supporting local climate technology companies that make use of these natural resources, the director also said that the CCIC is expected to cut 20,882 metric tons in Green House Gas emissions in the first six years of operation, which is equivalent to the exhaust emissions from 4,500 passenger cars per year.
“We believe biodiesel could play an important role in the energy landscape of the Caribbean,” said Elliot Lincoln, founder of Antigua based company, Themba Biofuels. “We aim to replace 10 per cent of imported diesel fuel with biodiesel and create more than a hundred jobs. I look forward to the support of the CCIC as we scale our operations and develop new markets.”
The World Bank also stated the CCIC would have facilities in Jamaica and Trinidad and Tobago along with satellite hubs in other Caribbean islands. It also said the center would be part of a global network of eight Climate Innovation Centers located, among others, in Kenya, India, Vietnam and Ethiopia.
The CCIC will also complement other on-going World Bank and donor initiatives, including the Foundations for Growth and Competitiveness in Jamaica and the Caribbean Growth Forum, the bank said. Supported by the World Bank Group and its global innovation program infoDev, and by the Department of Foreign Affairs, Trade and Development of Canada, the CCIC was developed in via a joint venture with regional public and private sector partners.
The World Bank said it is hosted by the Jamaica-based Scientific Research Council and the Caribbean Industrial Research Institute in Trinidad and Tobago.
Source: Caribbean360