Port of Spain – Medium, small and microenterprises (MSMEs) comprise the majority of businesses in the region and must be recognised as key pathways towards achieving climate resilient, inclusive and environmentally sustainable economies in the Caribbean. This was one of the key priorities identified by government, private sector and civil society organisations, including the
Caribbean Natural Resources Institute (CANARI), at the Green Climate Fund (GCF) Caribbean Private Sector Engagement Workshop from April 2-4, 2019 in Montego Bay, Jamaica.

The workshop explored mobilising private sector investment for climate action in the Caribbean and introduced participants to the GCF Private Sector Facility, as part of Jamaica’s GCF Readiness and Preparatory Support grant – Mobilising private sector support for low carbon and climate resilient development in Jamaica and other CARICOM States. The workshop was attended by over 90 persons
from National Designated Authorities, Accredited Entities, large and small private sector organisations (national development banks, credit unions, insurance companies) and private sector umbrella groups in the Caribbean.

At the workshop, CANARI urged meeting participants on the need to reform climate finance to increase MSME participation and investment, and enhance climate change adaptation and mitigation in the Caribbean. CANARI noted the issue of scale as a major limiting factor for MSMEs in the Caribbean and called for strategies for MSMEs to invest in new business opportunities and commercialise climate-friendly products and services, especially in priority sectors. Partnerships
between private sector and public sector entities were also noted as an important strategy to mobilise private sector participation in the Caribbean and to access further climate financing such as from the GCF…[+]