Project Detail |
A Caribbean island nation among those most exposed to climate risks, the Dominican Republic is launching its first budget-based financing program for climate-related public policies to implement climate reforms, ensure sustainable economic growth, and make its economy and population more resilient to climate change. CONTEXT Loss and damage caused by the consequences of climate change (CC) limit economic growth and its benefits. Due to its location in the Hurricane Corridor, the Dominican Republic is exposed to extreme weather events associated with climate change (droughts, floods, landslides, among others). Furthermore, the Dominican Republics vulnerability to the effects of climate change is expected to continue increasing: according to the IPCC, increasingly intense and frequent natural disasters are expected. Given the need for resilience and support for growth, sectoral and institutional challenges persist. Budgetary financing of public policies with a climate objective, co-financed by the Inter-American Development Bank, falls within the scope of objectives at several levels: Integrating climate action (CA) objectives into public sector management (budgeting, public procurement and investment framework); Integrating climate change adaptation needs into land use and strengthening its disaster risk reduction system; Decarbonization in the electricity, transportation, and solid waste sectors. Through climate change adaptation, this project seeks to contribute to the countrys sustained economic growth by promoting an ambitious set of reforms aimed at preventing damage and disruptions to economic activity caused by extreme weather events and increasing the economys productivity and competitiveness through increasing decarbonization, which brings efficiency gains. |