Grenada: Climate Change Policy Assessment
IMF Staff Country Reports, July 3, 2019
Source details
- Canonical URL
- Grenada: Climate Change Policy Assessment
Other formats
Bibliographic details
- Published: July 3, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498323147.002
Key findings
- Grenada has made significant strides to counter climate change but meeting the daunting remaining challenges will require domestic policy actions and sustained international support.
- Climate change is an existential threat to Grenada.
- Increasing frequency and intensity of coastal storms threatens infrastructure and livelihoods, as do increased risk of coastal flooding and drought.
- Notably, Hurricane Ivan in 2004 caused damages of over 200 percent of GDP.
- Grenada has placed climate resilience at the center of its policy making and forged strategic alliances with key global climate finance providers.
- The challenges facing the country remain daunting and will require large increases in international support, both financial and technical, to assist the Grenadian authorities turn their impressive resilience plans into action.
Climate risks and impacts
- Coastal storms: increasing frequency and intensity threaten infrastructure and livelihoods.
- Coastal flooding: heightened risk affecting coastal communities and assets.
- Drought: increased risk with adverse effects on water supply and agriculture.
- Historical shock: Hurricane Ivan (2004) — damages of over 200 percent of GDP.
Policy action and resilience
- National strategy: climate resilience placed at the center of policy making.
- Strategic partnerships: alliances forged with key global climate finance providers to support resilience efforts.
- Implementation gap: notable progress in planning but significant gaps remain in turning resilience plans into action without greater support.
Financing and technical support needs
- International support: large increases in international support are required.
- Types of support needed: financial and technical.
- Purpose of support: to assist Grenadian authorities translate resilience plans into actionable projects and investments.
Subjects and policy areas covered
- Climate change; Environment; Expenditure; Financial institutions; Greenhouse gas emissions; Insurance; Natural disasters; Public investment and public-private partnerships (PPP).
Keywords and fiscal/structural topics
- capital budget; carbon tax; Caribbean; Climate change; CR; excise tax; financial support; Global; Greenhouse gas emissions; Insurance; insurance coverage; ISCR; Natural disasters; private sector; Public investment and public-private partnerships (PPP); real GDP; tax system.
Content in this bundle
- Grenada: Climate Change Policy Assessment; IMF Country Report No. 19/193; May 30, 2019