Climate change poses a significant threat to the Caribbean, both in terms of physical damage sustained from intensified weather patterns and rising sea levels, as well as subsequent losses to economies and industries. Small Island Developing States (SIDS) face unique challenges such as increased frequency of storms, flooding, erosion of coastal areas, decline of fresh water resources, bleaching of corals, and reductions in tourism as these effects become more severe.
infoDev is establishing a regional Caribbean Climate Innovation Center (CCIC) to support Caribbean SMEs involved in developing locally-appropriate solutions to climate change mitigation and adaptation.
Opportunities and Challenges for SMEs
Water resource management
Cost savings from adopting energy efficiency measures
Few support systems in place to offer business and technical training
Limited access to networks of collaborators (mentors, investors, joint venture partners, etc.)
Lack of coordination across ministries within the government, making it hard for entrepreneurs to navigate the policies that could help or hinder their business.
Lack of access to finance - with commercial banks being very risk averse and few angel investor networks.
The CCIC is being developed in partnership between two infoDev programs: the Climate Technology Program (CTP) and the Entrepreneurship Program for Innovation in the Caribbean (EPIC) - a US$20m 7 year program, supported by the government of Canada.
CCIC Phase 1: (Year 1, July 2013)
Funded by: World Bank’s Development Grant Facility
Establish the required infrastructure, partnerships, skills, facilities and pipeline of entrepreneurs and technologies that will form a foundation for the CCIC’s full implementation and scale up in the second phase.
CCIC Phase 2: (Year 2-5, July 2014)
Funded by: EPIC Trust Fund
Assessment of the progress and activities.
Follow on funding for the scale up to deliver the CIC’s core services.
Note: This report is a draft and has not yet been subjected to an official peer review process by infoDev / World Bank
Caribbean Industrial Research Institute (CARIRI), Trinidad
Scientific Research Council (SRC), Jamaica