The Development Bank of Latin America and the Caribbean (CAF), in its regional expansion, is offering financing solutions for Caribbean countries and Caricom member states to adopt resilient and regenerative tourism strategies and to foster regional cooperation.

Manager for Climate Change Action and Positive Biodiversity at the Development Bank of Latin America and the Caribbean, Alicia Montalvo, who led a panel discussion at the Global Tourism Resilience Conference last Wednesday, proposed strategies for a climate-resilient tourism model.

In highlighting tourism’s sensitivity to climate change, Montalvo commented on the sector’s contribution to environmental pressures, such as significant greenhouse gas emissions, and the high vulnerability of the sector in front of the impact of climate change, stressing the need to develop mitigation and adaptation approaches for the industry.

“As the Green Bank for Latin America and the Caribbean, we are focused on promoting sustainable tourism by prioritising a reduction in carbon footprints and the adaptation of infrastructures through a restoration of biodiversity, reforestation and conservation and developing climate resilient and sustainable infrastructure,” commented Montalvo.

The tourism sector took the biggest hit from the COVID-19 pandemic, proving that the industry remains vulnerable to other external shocks. While recovering from the pandemic, Caribbean countries also suffer from other hindrances, such as environmental fallouts seen from the destruction of mangroves and coral reefs, which call for immediate actions towards resilient and regenerative tourism.

Montalvo added, “The most important thing we can do is improve the lives of the people who live in tourist destinations through sustainable, climate-resilient tourism by creating long-lasting tourism products and employment opportunities.”

In light of the United Nations now observing Global Tourism Resilience Day annually on February 17, CAF’s regional expansion is timely to equip Caribbean countries and Caricom member states with funding opportunities to explore sustainable tourism strategies.

CAF offers advice and financial support to its shareholder countries’ public and private sectors. The development bank also produces knowledge to strengthen public policies in Latin America and the Caribbean while improving the quality and impact of the projects they promote.