Thursday, June 8, 2023

Dominican Republic promotes the capture of resources for a low carbon development

Environmental institutions presented this Wednesday a program that seeks to mobilize climate finance and private investment for low-carbon development. carbon in Dominican Republicincreasing the financing of the public and private sectors towards climate action.

It is an initiative of Ministry of Environment and Natural Resources in collaboration with the Green Climate Fund (GCF) and the Global Green Growth Institute (GGGI) with the aim of accelerating the implementation of Nationally Determined Contributions (NDCs).

The NDCs are the expected greenhouse gas emission reductions in each country under the United Nations Framework Convention on Climate Change (UNFCCC).

The program presented this Wednesday seeks to improve the institutional capacity, strategic frameworks and project portfolio of the Dominican Government to increase national and international climate finance and private investments to apply the NDC and seek low carbon development.

According to the minister of EnvironmentMiguel Ceara Hatton, in the NDC of the Dominican Republic, the commitment is to reduce emissions by 27% by 2030 with respect to “Business As Usual”, an expression that refers to the operation of an organization according to the present or past methods used for this.

He stressed that the achievement of that goal depends to a large extent on funding from developed countries and other partners.

“Therefore, the Government of the Dominican Republic has undertaken an ambitious effort to increase the efficiency of its climate finance ecosystem by diversifying the country’s donor participation, accessing underutilized climate funds, and developing new and innovative mechanisms. financing,” he said.

In the opinion of Ceara Hatton, mitigation and adaptation to climate change “implies greatly transforming our way of life (…) We have to rethink how we are going to reorganize this economy and this society.”

In the case of the Dominican Republic, a required investment of around 9 billion dollars is estimated, which must be allocated, above all, to the sectors of water security, food security and resilient cities, he indicated.

On his side, the Vice Minister of Climate Change and Sustainability, Milagros de Camps, pointed out: “to become sustainable we must imagine an alternative model of production, consumption, relationship with our environment and, later, take concrete steps to minimize our environmental impact, individually, but above all as a society ”.

“For small island states like ours, the increase in the frequency and intensity of heavy rainfall, in conjunction with the rise in sea level, have meant significant economic, human, housing and crop losses,” said De Camps.

The regional representative of GGGI Latin America and the Caribbean, Ferruccio Santetti, highlighted that the organization “supports the transition of its member countries and partners towards a green growth model through the development and implementation of strategies that simultaneously achieve the poverty reductionsocial inclusion, environmental sustainability and the economic growth”.

He added that last year the GGGI teams managed the development and implementation of more than 180 projects and investment policies globally and carried out some 200 capacity development activities, training more than 42,000 government officials and private sector actors. .


Please enter your comment!
Please enter your name here

Latest article