BRIDGETOWN, Barbados, Dec 3, CMC – The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, Tuesday said that climate change poses an acute threat to the Caribbean and that the costs for resilience building in the Caribbean region is estimated at a staggering US$100 billion over the next two decades.
Addressing the opening of the three-day Caribbean High-Level Forum on managing the energy transition, she said that the green energy transition is one of the most pressing issues for the world and the Caribbean.
She told the ceremony that has brought together government ministers, regional central bank governors, private sector stakeholders, academics, and members of civil society that sea levels are rising, and natural disasters are becoming more frequent and intense as Hurricane Beryl in July reminded the global community.
“A rapid global transition to renewable energy is essential to mitigate some of these climate challenges. Yet, achieving this transition is a complex journey. It requires substantial upfront investments and well-designed incentives, while balancing competing priorities for development and resilience. All at a time of limited fiscal space.”
Georgieva said despite the challenges, she firmly believes the Caribbean region has a tremendous opportunity.
(Details in Business section)
CMC/2024