The World Bank has approved a new project to assist the Dominican Republic in promoting key institutional reforms for climate resilience, reducing water, soil, and air pollution, and enhancing natural resource protection. The US$400 million project aims to strengthen the government's institutional and financial capacity for environmental protection, with positive effects on public health and the livelihoods of communities involved in tourism and fishing activities.
"The Dominican Republic, due to extreme natural hazards associated with climate change, annually loses an equivalent of 0.4% of its Gross Domestic Product. The World Bank’s support has been and continues to be crucial in achieving our goals of building climate resilience in agriculture, ensuring food security, improving landscape and natural resource management, and addressing the challenges posed by sargassum," stated Pavel Isa Contreras, Minister of Economy, Planning, and Development.
The Dominican Republic faces significant challenges linked to the loss and degradation of natural resources caused by extreme weather events, changing water cycles, and environmental pollution. These challenges impact key drivers of economic growth and employment: tourism, fishing, and farming. Without addressing these issues, the country could lose as much as 16 percent of its Gross Domestic Product by 2050, according to the latest World Bank Group’s Country Climate and Development Report for the Dominican Republic.
The Sustainable Development Policy Loan project aims to enhance the government’s institutional and financial capacity for natural resource protection, climate change adaptation, and mitigation. It will also support marine conservation efforts, reduce air and marine pollution levels, strengthen river and water body protection measures, regulate waste management from electrical and electronic equipment, phase out hydrofluorocarbon substances to lower greenhouse gas emissions, tackle the sargassum seaweed issue, and establish a regulatory framework for issuing green, social, and sustainable bonds.
These efforts are expected to contribute to climate resilience and sustainable growth while benefiting vulnerable populations. Alexandria Valerio, World Bank Representative emphasized: "By addressing pollution; promoting green and social finance; strengthening the country’s institutional capacity to enhance its resilience to climate change; this project will significantly enable the Dominican Republic to continue growing economically while also preserving its natural assets."
Learn more about the World Bank in Dominican Republic.
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