Commitment to Action

Building the First Climate Resilient Nation in the World

Commitment by Commonwealth of Dominica

In 2018, the Government of the Commonwealth of Dominica committed to work with its development partners to create and launch the Climate Resilience Agency of Dominica (CREAD). CREAD is an independent agency that will fund, design, procure, implement, and coordinate climate resilient projects with the objective of making Dominica the first climate resilient nation in the world. CREAD will feature an innovative financing incentive for private sector partners: for every $10 million pledged, Dominica will offer the right to use a total of one million tons of carbon sequestered by its rainforests and marine environments as a carbon offset over the course of 20 years. Through CREAD, Dominica will rebuild and repair major roads, rebuild approximately 20 schools and 27 health facilities, and provide support for 8,500 farmers across the island. Funds raised through the carbon offset program will be dedicated to the provision of 4,000 climate resilient homes for those most in need.

Summary

Commitment

Building the First Climate Resilient Nation in the World

Launched

2018

Est. Duration

4 years

Estimated Total Value

$600,000,000

Region

Caribbean

Countries

Dominica

Commitment by

Commonwealth of Dominica

Partner(s) of the Commitment Maker(s)

Caribbean Community (CARICOM), Caribbean Disaster, Emergency Management Agency (CDEMA), Dominica AID Bank, International Organization for Migration, UNICEF, United Nations, Development Programme (UNDP), United Nations World Food, Programme, World Bank Group, World Wildlife Fund