Saint Lucia develops reference guide on investing to boost sustainable development
In partnership with the government of Saint Lucia, the World Economic Forum is launching the Country financing roadmap for the SDGs. It aims to help Saint Lucia unlock sources of funding, remove investment bottlenecks and develop a more coordinated approach to funding projects that are environmentally friendly or can help people develop. new skills.
The Roadmap for country financing for Saint Lucia provides an overview of priority initiatives for leaders to assess and execute project work – potentially saving money and helping to identify synergies between funding areas.
For example, the initiative has brought together recycling programs with a total budget of $ 12 million that can support the country’s economic recovery efforts – potentially overwhelming efforts. These include a collaboration between the European Commission and Forte, to help 500 to 600 people develop skills related to hospitality, digital skills and the green or blue economy by the end of 2022. , at no upfront cost to the government.
Another project, the Rocky Mountain Institute (RMI) and Lion’s Head Global Partners (LHGP) Caribbean Climate-Smart Fund initiative, is working to mobilize private and below-market capital to fund a pipeline of $ 80 million spent on renewable energy in Saint Lucia.
“Finding viable short, medium and long term solutions to the myriad of challenges plaguing Small Island Developing States (SIDS) like Saint Lucia is essential to protect and put the needs of our people first while achieving significant post-COVID socio-economic recovery and by implementing the Sustainable Development Goals, ”said Wayne Girard, Minister of the Ministry of Finance, Economic Development and Youth Economy, Government of Saint Lucia. “The CFR not only presents in Saint Lucia concrete options to unblock some of the funding and investment bottlenecks that limit sustainable development, it also presents a useful mechanism for replication in other SIDS. from the Caribbean region. Saint Lucia is committed to continuing to work with the Partnership for Investment in Sustainable Development (SDIP), to advance a regional approach aimed at boosting our collective capacities to build back better.
“Saint Lucia has demonstrated its commitment to achieving the SDGs by embarking on several important initiatives, some of the most important of which focus on funding targets,” said Sean de Cleene, Executive Committee member of the World Economic Forum. “We hope this CFR initiative will create opportunities for Saint Lucia and other countries to accelerate projects with similar impact.”
The CFR is a country-led initiative in collaboration with the Partnership for Investment in Sustainable Development (SDIP) and a joint initiative of the World Economic Forum and the Organization for Economic Co-operation and Development (OECD). Its aim is to stimulate economic recovery and achieve the Sustainable Development Goals by presenting viable solutions that remove barriers to investment and attract greater sources of capital.
As a small island nation, Saint Lucia is vulnerable to economic changes and continues to scale up recovery efforts due to the aftermath of the COVID-19 pandemic, which has pushed the country to a debt-to-GDP ratio of 86, 5% for 2020. In 2019, tourism represented 80% of the country’s labor market, which faced a reduction in jobs from 63,400 in 2019 to 41,600 in 2020 due to the crisis, according to the World Council of travel and tourism. Obstacles to sustainable growth also depend on the population’s dependence on fossil fuels which, through a successful transition to renewable energies, could increase self-sufficiency, equity and environmental sustainability.
Along with the CFR, the government, in collaboration with the United Nations Office for Project Services (UNOPS) and the University of Oxford, launched the National Strategy for Financing Saint Lucia’s infrastructure developed in the Support from the Sustainable Infrastructure Finance Tool (SIFT), which complements the CFR and further explores opportunities for sustainable infrastructure finance in the country.
The Sustainable Development Investment Partnership plans to continue supporting the government of Saint Lucia and regional organizations by hosting a series of discussions on recycling and renewable energy solutions over the next six months.