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by pltm
(PLTM) - The newly established, first Board of Trustees of the Virgin Islands Climate Change Trust Fund, has its work cut out. To this end, Environment Minister, Hon. Dr. Kedrick Pickering gave a scenario with the Brandywine Bay beach development project, which could result in government losing millions, if they do not take climate change seriously.
"I could make a suggestion to you right away; with all the work that we have done on the beach at Brandywine Bay, the destruction of the pond over the years now puts the beach that close to destroying all of the hard work that we have done," Dr. Pickering said on Monday, July 17, at the inaugural meeting of the board.
"So I can see a project sitting there, waiting for the restoration of the pond in that area, if we are going to realise the benefits of the developments that we envisioned for Brandywine Bay."
The Deputy Premier and Natural Resources Minister told the board members that their work ahead is great.
"But it is noble and will be rewarded most greatly when the Trust Fund awards its first set of grants,whether it is in 10, 20, 50, 100 years from now. You and your children can walk around the Virgin Islands and enjoy the benefits of sea defences that saved our shores from sea level rise, coastal restoration projects that revived our reefs from climate change induced bleaching, drainage solutions and salt pond restoration projects that protected our communities from flooding, or solar panels and wind turbines," he outlined.
Dr. Pickering stated that they have to protect the communities from flooding; solar panels are important; and wind turbines spotting house roofs on hillsides representing clean energy.
"All of those issues that we expect that you will help to fund over time. The work of the Trust and the monies that I expect the Trust will have at its disposal will depend and begin when you have established the work that needs to be established," he related.
About The Trust Fund
According to the Ministry of Natural Resources and Labour, the Climate Change Trust Fund is an independent body established by law in March 2015 to raise, manage and administer funds to support local actions to respond to climate change.
The trust fund was established with the assistance of the Caribbean Community Climate Change Centre. The trust fund is governed at its highest level by a Board of Trustees which makes all final decisions in relation to the fund, including which projects and programmes are funded.
Board members were appointed in keeping with the requirements of the Virgin Islands Climate Change Trust Fund Act, 2015, following a competitive public application and nomination process that started in early 2016.
Appointed board members are Mr. Edward Childs as Chairperson and representing any sector responsible for making contributions to the Fund; Mr. John Klein as Deputy Chairperson and the private sector representative of the tourism industry; Ms. Karen Fraser as the private sector representative of the financial services sector; Dr. Katherine Smith representing the academic and research organisation sector; Dr. Shannon Gore representing non-governmental or community based organisations; and Mr. Ronnie Lettsome in the capacity of an individual with relevant knowledge, experience and expertise.
Ex-officio members of the board include the Chief Executive Officer of the Secretariat of the Trust Fund (to be appointed) as well as the Financial Secretary, Mr. Glenroy Forbes, and the Permanent Secretary for the Ministry of Natural Resources and Labour, Mr. Ronald Smith-Berkeley. These members will serve as part of the system of checks and balances to ensure trust fund monies are used for the intended public purpose.
The Climate Change Trust Fund is structured to meet international standards and as such is governed by central principles, including independence, transparency, fair and equitable access, responsible resource management, and blended funding sources.
Once operational, the fund will issue grants to non-governmental organisations, registered associations, academic organisations, businesses and government to fund projects and programmes.
The programmes are expected to reduce climate change impacts to the environment, tourism, fisheries, agriculture, infrastructure, communities and human health and enhance energy, water security and insurance coverage. The fund will also finance actions to increase energy efficiency and adopt renewable energy.
