During the "Innovative approaches to accelerating climate finance flows into the Caribbean" session at the 28th Annual United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, Mr. Isaac Solomon, Vice-President of Operations at the Caribbean Development Bank (CDB), emphasized the need for Multilateral Development Banks (MDBs) to reinforce their collaboration in finding collective solutions that assist countries in achieving their climate finance objectives.
He highlighted the urgency for heightened cooperation at all levels, citing the Finance in Common Summit as a crucial platform for the CDB to foster innovation among MDBs, facilitate knowledge exchange, and engage in co-financing endeavors to achieve greater impact. The panel conversation centered on tangible opportunities for embracing and executing inventive strategies aimed at boosting the influx of climate finance within the Caribbean region. It highlighted strategic methods to activate highly concessional climate finance from multilateral climate funds, innovative approaches to amplify climate finance streams from Multilateral Development Banks (MDBs), and outlined strategies for enticing private sector investment through blended finance mechanisms.
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