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The White House will partner with Caribbean countries on climate change, as long as they don’t ask for too much money

“Every time you trust them, you feel like you’ve made a mistake,” Singh told me of the United States and other wealthy countries. “The very idea of ​​creating a Glasgow Dialogue was an excuse to stop discussing the [financing] ease there, create something outside and kill it later. We just saved it,” he said, noting the progress made this week to put loss and damage on the COP 27 agenda.

Back at the White House, seemingly disconnected details on the 2030 PACC he released on Thursday did not mention loss and damage or specific dollar amounts that would be flowing to the Caribbean. According to a White House fact sheet, the first pillar of this new collaboration is “improving access to development finance” by increasing funding from the U.S. International Development Finance Corporation for clean energy. , and through partnerships with multilateral development banks to “unlock access to additional infrastructure financing.” In the Caribbean. The second pillar (“Facilitating the development and investment of clean energy projects”) aims to “attract private investment in clean energy infrastructure and climate adaptation projects in the region” and will “support the development of bankable infrastructure projects, promote sound regulatory policies, build pipeline projects and facilitate investment opportunities. As part of the PACC 2030, the Treasury Department will also “explore” deferral of debt from poor countries to multilateral development banks, and be “open to expanding temporary access to World Bank Group resources.” following extreme events for climate-vulnerable Caribbean countries that have graduated from MDB financial assistance programs.The Treasury will also work to “extend its additional support to Latin American and Caribbean countries” – including through the IMF’s recently announced $50 billion Resilience and Sustainability Fund – while making sure to make it clear that it would only do so “in the context of meaningful structural reforms.

All this to say that, at least in the Caribbean, debt will continue to play a major role in how the Biden administration approaches climate finance. The distance between the presence of the United States at the Summit of the Americas and that of Bonn is emblematic of the general approach of the White House in terms of climate policy: on the one hand, a great gesture to announce the leading role of the States United bringing public opinion and the private sector together to usher in a net zero world; on the other, a pre-existing demand from vulnerable countries that the White House prefers not to mention on stage.