Local May 11, 2023 | 8:59 am

Dominican Republic promotes fundraising for low carbon development

Santo Domingo.- The Dominican Republic unveiled a program on Wednesday aimed at mobilizing resources for low-carbon development, with increased financing from both the public and private sectors for climate action. The initiative, developed by the Ministry of Environment and Natural Resources in collaboration with the Green Climate Fund and the Global Institute for Green Growth (GGGI), aims to accelerate the implementation of the Nationally Determined Contributions (NDCs) under the United Nations Framework Convention on Climate Change.

The presented plan seeks to enhance the institutional capacity, strategic frameworks, and project portfolios of the Dominican government, enabling increased national and international climate finance as well as private investments to effectively implement the corresponding NDCs and pursue low-carbon development. The country’s NDC commits to reducing emissions by 27% by 2030 compared to the “Business As Usual” scenario.

According to Miguel Ceara Hatton, the Minister of Environment, achieving this target relies heavily on funding from developed countries and other partners. The Dominican government aims to optimize its climate finance ecosystem by diversifying donor participation, accessing untapped climate funds, and developing innovative financing mechanisms.

Ceara Hatton emphasized that mitigating and adapting to climate change requires a significant transformation in society and the economy. The country must reimagine how it organizes its economy and society to ensure sustainability. The minister highlighted the need for investments, particularly in water security, food security, and resilient cities, estimating a required investment of approximately $9 billion.

Milagros de Camps, the Vice Minister of Climate Change and Sustainability stressed the importance of envisioning an alternative model of production, consumption, and relationship with the environment to achieve sustainability. She emphasized that small island states like the Dominican Republic have faced significant losses in various sectors due to the increasing frequency and intensity of heavy rainfall and rising sea levels. Minimizing the environmental impact requires concrete steps at the individual and societal levels.

The program presented by the Dominican Republic reflects the country’s commitment to addressing climate change, leveraging financial resources, and transitioning towards a low-carbon, sustainable future.

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