Factor Ideas for change at the Bahamas Public-Private Sector Dialogue Forum”
12 November 2020 | CO2
Factor Ideas for change has arrived in the Bahamas with the project "Private Sector Involvement, Investment and Financing in the Bahamas". The Government of the Bahamas and the Caribbean Community Climate Change Centre (CCCCC) have requested Factor's support in engaging and mobilizing the private sector in financing climate change projects. This plan will be developed in three phases; diagnosis and analysis of the barriers; realization of a forum for dialogue between the public and private sectors; and the development of a plan to strengthen public-private partnership and capacity-building to design and implement projects jointly.
Likewise, during the project, a call for proposals will be made in which the different economic sectors will be able to present project ideas that contribute to the mitigation and/or adaptation to climate change, to later develop the concept notes (under GCF format) of those that are prioritized.
Currently, the project is in its second phase with the celebration of the Public-Private Sector Dialogue Forum about the role of the private sector in climate action. The main objective of this forum is to provide an opportunity to discuss the role, ownership and interest of private sector companies in the different areas of financing for climate change mitigation and adaptation, the recognition of the contributions of private sector actors to the sustainable growth of the country and to raise awareness of the procedures and funding opportunities of the Green Climate Fund (GCF).
The forum, which took place on November 10, 11 and 12, included the participation of Kepa Solaun, CEO of Factor, who presented the project to the guests and discussed the relationship between climate change and the business sector, its functions, relevance and interest in terms of climate adaptation and mitigation investments in the Bahamas and other Caribbean countries.
In addition, Susana Gonzalez, Factor's Project Manager and expert in sustainable finance, spoke about the past contributions and successes of the private sector in the country's sustainable growth, and also presented the forum's conclusions, such as the main obstacles identified for the participation of the private sector and the main guidelines for a new action roadmap for strengthening collaboration between the sectors.
Also on the panel was Sarah Beukes, Factor's collaborator and local expert in resource mobilization, who identified the main obstacles for the participation of the private sector in the country's climate action, as well as the arguments about strengthening through the union of the two sectors, public and private, in order to boost climate action. She also supported Susana González with the forum's conclusions.
The last session was led yesterday by Winston Bennett, who will explained in detail the GCF, its scope, procedures, among others, seeking to generate greater synergies between the public and private sectors and the Fund. Likewise, the call for climate project ideas was launched.
For health security reasons the Forum has been held virtually all three days and will give way to the third phase of the project: the creation of a roadmap to strengthen the relationship between the public and private sectors in the Bahamas.
Factor Ideas for change
Factor has more than 15 years of experience offering technical consulting services in the areas of climate change adaptation and mitigation, carbon footprint analysis, sustainability, circular economy, renewable energy and carbon markets, amongst other things, undertaken on behalf of governments and international organizations, as well as for over 400 companies, with more than 1,100 projects undertaken within 40+ countries.