Canada to give $44.8 million in new funding to tackle climate crisis in the Caribbean

NASSAU, Bahamas — Prime Minister of Canada, the Rt. Hon. Justin Trudeau announced that Canada will be giving $44.8 million in new funding to tackle the climate crisis in the Caribbean.

Prime Minister Trudeau made the announcement at the 44th Regular Meeting of the Heads of Government of the Caribbean Community (CARICOM) at Baha Mar resort, February 16, 2023.

He said, “This funding will support projects with regional organizations like the Caribbean Community Climate Change Centre and the Caribbean Biodiversity Fund, that will:

• improve marine and coastal ecosystem management,
  • increase water security, and
  • help governments better respond to the impacts of climate change and natural disasters.”

Prime Minister Trudeau said Canada knows that one of the significant challenges many CARICOM countries face, in dealing with climate change, is accessing climate and concessional financing.

He said Canada applauds the Prime Minister of Barbados’ leadership on the Bridgetown Initiative, which has re-energized the conversation on International Financial Institution reform so they can better respond to the overlapping health, climate, debt, and liquidity crises affecting many CARICOM members.

He noted that in order to have truly sustainable, long lasting economic prosperity, countries need robust, dynamic trade.

The Prime Minister said, “The strong trade ties between us go back decades and remain strong today.

“In 2021, Canada’s two-way merchandise trade with CARICOM countries reached $1.9 billion, with bilateral trade in services reaching $3.9 billion.”

He said there are opportunities for businesses in all our economies in emerging sectors like clean technology, green infrastructure, renewable energy, and more.

“I want to announce today that Canada is seeking a renewal of its waiver from the World Trade Organization for our CARIBCAN trade program, to ensure that goods from the region can enter Canada duty-free beyond 2023.”

Prime Minister Trudeau said “CARIBCAN was first announced by Canada at this same meeting in Nassau in 1985, so it is only fitting we renew that pledge here today.”