2018年-IMF国际货币组织全球_St_Lucia_Climate_Change_Policy_Assessment_69页_1mb

Climate Change Policy Assessment for St. Lucia

Core Content Overview

This report, prepared by the International Monetary Fund (IMF) and the World Bank, evaluates St. Lucia's climate change policy and provides recommendations to enhance its resilience and sustainability. It was completed on June 1, 2018, and serves as background for periodic consultations with the country.

Main Recommendations

General Preparedness

• Strengthen the NDC: Develop a comprehensive and costed adaptation strategy to complement the existing mitigation plan.
• Update Strategic Plans: Revise the National Vision Plan and Medium-Term Development Plan, and create supporting sectoral plans with a focus on costing and resource mobilization.
• Enabling Legislation: Ensure all relevant legislation and standards for climate, environment, and energy are in place.

Mitigation

• Carbon Tax Introduction: Apply the announced road fuel tax increase to other diesel products, including those used for power generation, and synchronize future tax increases across all fuels.
• Renewables Strategy: Fully implement the renewable energy strategy, particularly in wind, solar, and geothermal energy, to improve energy security and reduce import costs.
• Grid Access Reforms: Consider necessary reforms to grid access to attract private investment in renewable energy.

Adaptation

• Amend Building Codes: Enact amendments to the OECS Building Code for Saint Lucia.
• Coastal Zone Management: Review and approve the Coastal Zone Management Policy and Strategy.
• Rezoning Flood Areas: Consider rezoning areas at risk of flooding.
• Disaster Preparedness: Complete the disaster-preparedness strategy and integrate climate-related activities into costed sectoral plans.

Financing

• Climate-Financing Strategy: Develop a strategy for raising climate change financing, using the NDC as a catalyst.
• Private and Grant Financing: Rely on private sector and grant financing to ensure fiscal and debt sustainability.
• Contingent Funding: Capitalize a fund of USD 5–7 million immediately and aim for a savings fund of 5 percent of GDP in the medium term.

Risk Management

• Contingency Buffers: Build up contingency funding buffers to cover disaster costs without additional debt.
• Insurance for Public Assets: Consider making insurance mandatory for key public buildings and those in flood-risk areas.
• Domestic Insurance Market: Support the strengthening of the domestic insurance market and regional initiatives like the Caribbean Catastrophe Risk Insurance Facility (CCRIF).

National Processes

• Ministry Assignments: Ensure climate action responsibilities are logically assigned to relevant ministries.
• Revive PSIP: Revive the Public Investment Management Assessment (PSIP) process and address any issues that led to its previous inadequacy.
• Climate Integration in Budget: Systematically identify climate-related objectives and activities in the budget and link investment projects to these.
• Capacity Building: Enhance public investment appraisal and monitoring skills in the Ministry of Finance and other relevant ministries.

Key Information

Climate Change Risks and Impacts

• St. Lucia is located in the Atlantic hurricane belt and is highly vulnerable to climate change.
• Expected impacts include increased frequency and intensity of natural disasters, rising temperatures, and sea level rise.
• Climate-related natural disasters have historically caused significant economic and fiscal losses, with an average annual loss of US$49 million (3.4% of GDP).

Climate Change Strategy

• The Nationally Determined Contribution (NDC) outlines a mitigation strategy with costed investment plans and a qualitative adaptation strategy.
• The NDC is aligned with broader development goals, including economic growth and resilience-building.

Financing Needs

• Public debt is high, limiting financing options.
• Private investment and grant financing are essential for scaling up climate initiatives.
• Estimated mitigation investment by 2030 is US$218 million, with US$183 million by 2025.
• Adaptation investment includes water supply systems, land use planning, and agriculture and food security.

Risk Management

• Current contingency buffers are insufficient.
• A savings fund of 5% of GDP is recommended for long-term disaster coverage.
• The Citizenship-by-Investment program should contribute to disaster funding due to its temporary and unreliable nature.

Sectoral Priorities and Projects

Mitigation

• Renewable Energy: Focus on wind, solar, and geothermal energy.
• Energy Efficiency: Improve grid distribution and transmission efficiency, as well as energy-efficient buildings and appliances.
• Transport: Promote efficient vehicles and expanded public transit.

Adaptation

• Water Supply: Develop desalination plants and improve water distribution efficiency.
• Land Use: Implement land use planning and coastal zone management.
• Agriculture: Enhance food security and resilience of agricultural systems.

Institutional and Policy Gaps

• PFM Systems: While traditional public financial management (PFM) is transparent, it needs to be adapted to better manage climate financing.
• Disaster Preparedness: Although well underway, disaster financing needs to be more systematically planned.
• Legislation: Updating key legislation such as the Climate Change Bill and Environmental Management Bill is crucial.

Conclusion

St. Lucia has demonstrated strong commitment to climate change resilience, particularly in international forums. However, to fully implement its climate strategy and ensure macroeconomic sustainability, it needs to strengthen its adaptation plans, update legislation, improve disaster financing mechanisms, and enhance public investment management. The report highlights the importance of a coordinated, costed, and sustainable approach to climate change policy.