The Caribbean Community (CARICOM) and the OPEC Fund for International Development have formalised a new framework for cooperation aimed at strengthening climate resilience, sustainable development and access to climate finance across the Caribbean.
CARICOM Secretary-General Dr. Carla N. Barnett and OPEC Fund President Dr. Abdulhamid Alkhalifa signed a Memorandum of Understanding (MoU) on September 24, 2026, on the margins of the 81st Session of the United Nations General Assembly in New York.
The agreement is intended to help CARICOM Member States secure greater access to financing for projects addressing the impacts of climate change, while supporting the development and implementation of adaptation and mitigation measures.
Under the MoU, the two organisations will work together to improve access to climate finance through needs-based financing processes and support the preparation of projects designed to strengthen the region’s capacity to respond to climate-related threats.
The partnership will also cover policy diagnostics and reviews of national regulatory frameworks, as well as research, vulnerability assessments and other initiatives supporting climate action planning.
The agreement comes as Caribbean countries continue to face significant exposure to hurricanes, flooding, coastal erosion, drought and rising sea levels, while many governments face constraints in accessing the financing required to strengthen infrastructure and build resilience.
Small island developing states have consistently argued that their vulnerability to climate change is disproportionate to their contribution to global greenhouse gas emissions. Access to affordable climate financing has therefore remained a major issue for CARICOM at international climate and development forums.
The new framework with the OPEC Fund is expected to provide additional opportunities for Member States to develop bankable climate projects and strengthen their institutional capacity to secure financing.
The cooperation will also allow the two organisations to undertake vulnerability assessments and research that could help governments better identify climate risks and shape policies and investments around those risks.
Beyond financing individual projects, the agreement provides for collaboration on the policy and regulatory conditions needed to support longer-term sustainable development.
The OPEC Fund is a multilateral development finance institution established by OPEC member countries to finance development projects in developing countries. Its areas of support include infrastructure, energy, agriculture, health and other sectors, including climate-related development.
For CARICOM, the agreement adds another potential avenue for mobilising resources as the region seeks to balance economic development with the growing costs and risks associated with climate change.
The MoU establishes the framework for cooperation, with specific projects and initiatives expected to be developed through subsequent collaboration between CARICOM, the OPEC Fund and Member States.
Source: Village Voice News
