The facility will be established at the SLDB and will provide low-interest loans to finance climate adaptation measures.
A total of 1,500 households in Saint Lucia participated in a survey that will provide critical inputs into the design of a US$5 million Climate Adaptation Financing Facility (CAFF), which is soon to be established for the benefit of households and businesses.
The survey, conducted by the Central Statistics Office, gathered information on household damages and losses associated with previous cataclysmic occurrences, such as the Christmas Eve Trough of 2013; financial resources available to households to aid in recovery efforts; and communication channels that provide useful tips on disaster preparedness.
"The Government acknowledges the public's participation in the survey. Each individual, household and business is impacted either directly or indirectly when a disaster occurs. It is important therefore, that the measures we put in place to address these impacts, whether through this facility or other initiatives, specifically target the unique needs of the individuals, communities and businesses in Saint Lucia," Prime Minister Dr. Kenny Anthony said.
"We will continue to keep you informed of the steps we are taking to lessen the damages and losses associated with disasters and to ensure that collectively, we build a more resilient and energy efficient Saint Lucia: one individual, one family, one firm at a time.”
A similar survey tailored for businesses will be launched shortly. The data collected from both the household and business surveys will provide valuable insight into the climate adaptation and disaster mitigation needs of households and businesses, and therefore, be integral in designing the terms of the Climate Adaptation Financing Facility (CAFF).
It is envisaged that the Climate Adaptation Financing Facility (CAFF) will be launched during the first half of 2015 as a tool for building the resilience of households and businesses to climate change and climate-related disasters. The facility will be established at the Saint Lucia Development Bank (SLDB) and will provide low-interest loans to eligible households and businesses to finance investments such as rainwater harvesting systems; improved drainage; strengthened roofs and windows; solar power generation; and other climate adaptation measures.
The Climate Adaptation Financing Facility is part of a US$68 million investment by the World Bank in the Disaster Vulnerability Reduction Project (DVRP), the largest project ever undertaken by the World Bank in Saint Lucia and the Eastern Caribbean.
The DVRP, officially launched in December 2014, aims to reduce the country’s vulnerability to disasters and to improve its resilience to climate change.
At least a dozen agencies are collaborating to implement various aspects of the DVRP, under the overall coordination of the Department of Planning and National Development in the Ministry of Finance, Economic Affairs, Planning and Social Security, working in collaboration with the Ministry of Sustainable Development, Energy, Science and Technology.