26 September 2011: A new UN Economic Commission for Latin America and the Caribbean (ECLAC) report estimates that mitigating and adapting to climate change could cost Caribbean countries 2-3% of their annual GDP between 2011 and 2050, but that the cost of inaction could be as high as 5% of annual GDP.

“The Economics of Climate Change in the Caribbean Summary Report” was launched at ECLAC’s Subregional Headquarters for the Caribbean in Port-of-Spain, Trinidad and Tobago.

The report summarizes two years of research, conducted by ECLAC in cooperation with the Caribbean Community Climate Change Centre (CCCCC), estimating the potential economic impact of climate change on the region. It includes assessments of eight sectors across 14 countries. Funding for the project was provided by the UK Department for International Development (DFID).

Among other things, ECLAC recommends that Caribbean countries: consider a subregional response to adaptation; strengthen institutional frameworks for responding to climate change; implement financing mechanisms to support adaptive actions; and introduce energy efficiency measures.

During the launch event, Roodal Moonilal, Trinidad and Tobago’s Minister of Housing and Employment, stressed the need to follow up the report with help to build national capacities for assessing, planning for and managing climate change impacts. [ECLAC Press Release][Review of the Economics of Climate Change in the Caribbean Reports]