During the Caribbean Development Bank's (CDB) Annual Board of Governors Meeting in Trinidad and Tobago, May 2011, a panel discussion was held on the topic "Unlocking Climate Change Financing: Constraints and Opportunities". The objective of the discussion was to highlight current issues and concerns which CDB's Borrowing Member Countries face, with respect to access to development financing that is urgently needed to tackle the enormous challenges that climate change will impose on their development. The panel discussion also explored a potential role for the Bank to leverage these resources to assist its BMCs. Mrs. Tessa Williams-Robertson, CDB's Acting Vice-President (Operations), gave opening remarks and chaired the discussion by the four panelists: Dr. Neville Trotz Mr. Selwyn Hart Dr. Simon Young, and Mr. Philip Weech Summary of Panelists' Presentations Mr. Selwyn Hart Borrowing Member Countries (BMCs) should: intensify efforts at accessing and utilizing available financing through bilateral sources and existing institutions e.g. Adaptation fund; improve information flow between Ministries on the availability of financing; better integrate climate change considerations in sectoral planning intensify engagement in the ongoing climate change negotiations including finance and planning ministries CDB should: work with borrowing members on the above become engaged in the ongoing work of the TC to design the Green Climate Fund; as well as the ongoing negotiations in the UNFCCC seek to become the main conduit for providing climate finance to the region. Mr. Hart's Power Point presentation may be found here. Dr. Simon Young Risk transfer complements risk management in managing risks which cannot be efficiently reduced. Risk Transfer provides a secure umbrella beneath which a risk reduction strategy can be implemented. At the sub-national level, risk transfer products enhance access to credit for individuals and investors which drives economic development and in turn increases climate resilience. Index-based weather insurance can reach the most vulnerable in a fair and equitable manner which traditional insurance is not able to do. CDB should play a coordinating and intermediating role to assist BMCs to better attract adaptation funding. Dr. Young's Power Point presentation may be found here. Mr. Philip Weech Estimates of costs for climate change adaptation required by BMCs CDB should provide support to the BMCs to better take advantages of opportunities of resources already available. There are several initiatives that offer synergy with climate change adaptation objectives such as the GEF support for the proposed Caribbean Biodiversity Fund Direct . He spoke of an "implementation deficit" in the Region where initiatives are developed but implementation lags behind, with one such the need for implementation of CARICOM Regional Energy Strategy. He suggested that greater emphasis needs to be placed on the development of renewable energy projects in those states with proven resources. There was also need to tackle policy reform(s), energy pricing, electricity sector that impede private and public sector efforts in the development of this sector. Expansion of the insurance CCRIF beyond coverage for hurricane risks CDB should demonstrate climate proofing by climate proofing its own projects. Mr. Weech's Power Point presentation may be found here. Dr. Neville Trotz CDB to work with Caribbean Community Climate Change Centre (CCCCC) to identify a series of impact risk assessments focussing on those sectors identified in the Regional Framework for Climate Change Adaptation. Examples would include critical infrastructure assets: ports and harbours, airports, potable water and waste water treatment assets, renewable energy, agriculture, Tourism, health. CDB to provide funding to commission impact risk assessments, identify risk management options and develop guidance for new projects. Recognise climate change as a cross-cutting theme to be integrated within internal lending risk processes. Require that project sponsors submit a risk assessment of the impacts of climate change on a proposed project during the project's life. Undertake an assessment of the CDB's current investment portfolio to identify potential impacts. Work with commercial banks operating in the Caribbean to adopt similar best practice approach to integration of climate change into decision-making. Dr. Trotz's Power Point presentation may be found here.