The World Bank says business hub inaugurated on Monday will support the growing number of clean energy and climate technology ventures in the Caribbean.
It said 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 that highlights how an estimated 4°C increase in global temperatures “would have disastrous consequences, including increased frequency and intensity of storms, coastal erosion and decline of fresh water resources”.
The World Bank said additional research estimated that the cost for the Caribbean could be up to US$11 billion annually by 2025.
It said in order to address the economic impact of climate change in the region, the CCIC will help local companies, working in solar energy, energy efficiency, water management, resource efficiency and agribusiness, become successful “green ventures through 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. — Full story at Caribbean360 —