Welcome to RESET

Background

The increasing frequency, intensity and unpredictability of hydrometeorological events (tropical storms, hurricanes, droughts and extreme heat) is having significant impacts on people, livelihoods, communities and key economic sectors of the small-island developing and coastal states across the Eastern and Southern Caribbean (ESC) region.

The Caribbean region of which the ESC is part is the second most disaster-prone region in the world. While countries recognize the need to put in place climate change adaptation strategies to address the impacts of these events on infrastructure, communities, economic industries, livelihoods and importantly people, there remain significant gaps. This calls for increased public and private investment in key economic and social sectors such as agriculture, fisheries and tourism to accelerate the adoption of climate- and disaster-resilient approaches for advancing sustainable and resilient development and to safeguard development gains.

The Caribbean Resilient Economies and Sectors (RESET) activity aims to lower barriers to climate and disaster risk financing, and at the same time boost investments to build resilient sectors and economies. Caribbean RESET will reduce barriers to public and private investments by incentivizing climate and disaster resilience and supporting the adoption of climate smart practices in critical sectors.

RESET is well aligned with USAID’s Climate Strategy (2022-2030). It is envisioned that RESET’s results will contribute to the achievement of the strategy's global vision of a resilient, prosperous, and equitable world with net-zero greenhouse gas emissions, and with USAID/ESC’s Mission goals for the 2020-2025 Regional Development Cooperation Strategy that supports the ESC in creating "a safe, prosperous, and resilient Caribbean region that supports its vulnerable populations, withstands external shocks, and promotes accountable institutions, economic development, and private sector-led growth."

RESET will advance the goals of the U.S.-Caribbean Partnership to Address the Climate Crisis 2030 (PACC 2030). PACC 2030 is the U.S. government’s flagship partnership with the Caribbean to advance climate adaptation and resilience and clean energy cooperation through 2030.

The Caribbean Resilient Economies and Sectors (RESET) Program will advance inclusive growth and development by:

RESET ACTIVITIES

Under RESET, the following activities will be implemented to achieve its objectives:

• Identifying and addressing capacity requirements to use financing instruments for resilience.
• Projects that showcase​​ investment in technologies that promote resilience at the national levels and across the ESC region.
• Financing development instruments that are designed to reduce national debt and improve fiscal space for new investments. These instruments will likely include debt swaps and parametric insurance, among others.
• Strategies that promote shock-responsive social protection and build the resilience of the most vulnerable.
• Provision of grants that support the scaling up and adoption of climate-smart technologies and approaches by blue and green businesses.
• Engaging international partners, regional organizations, and key stakeholders across ESC countries, to empower marginalized groups to take the lead in building resilience for their communities.

KEY EXPECTED RESULTS

• Eleven national governments and related entities with improved capacity to increase the number of blended finance projects or deals supporting climate adaptation.
• US$ 200m in investments mobilized for climate change adaptation.
• 10,000 people applied climate or disaster smart practices in their businesses/operations.
• 150 early career professionals benefit from training opportunities in climate finance and blended finance transactions.
• 300 women, youth, or indigenous people benefit from internships, mentoring, or skill-building opportunities, and increased participation in economic opportunities that build climate resilience.

RESET WILL BENEFIT 11 EASTERN AND SOUTHERN CARIBBEAN COUNTRIES

• Antigua & Barbuda
• Barbados
• The Bahamas
• Dominica
• Grenada
• Guyana
• Saint Lucia
• St. Kitts & Nevis
• St. Vincent & the Grenadines
• Suriname
• Trinidad & Tobago

CONTACT INFORMATION

For additional information on RESET, please send us an email at:
RESET@abtglobal.com