COAST has been developed with the financial support of the US State Department and has been led by the World Bank and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility). In addition, the Caribbean Regional Fisheries Mechanism (CRFM) has played an essential role, as it is required that countries benefiting from COAST must be implementing the Caribbean Community Common Fisheries Policy (CCCFP).
The Climate Risk Adaptation and Insurance in the Caribbean programme seeks to help vulnerable people adapt to extreme weather events. The programme will design and implement products that combine risk reduction and insurance for low-income groups such as small farmers and day labourers in the region. The products target medium-level weather extremes (specifically, excess rainfall and high winds), which are likely to increase in frequency and intensity with climate change.
CCRIF launched a study for the Caribbean region based on the Economics of Climate Adaptation (ECA) methodology to enable the development of a quantitative fact base for developing sound climate change adaptation strategies. CCRIF will be working with regional partners in the Caribbean Community Climate Change Centre (5Cs) and the UN Economic Commission for Latin America and the Caribbean (UN-ECLAC).
The Caribbean Development Bank and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) launched the Integrated Sovereign Risk Management in the Caribbean project. This project seeks to enable all Caribbean countries to take a more proactive approach towards country risk management, moving beyond planning for natural disaster risks such as climate change and events like hurricanes and earthquakes and recognizing the intrinsic linkages between disaster risk and other types such as economic, technological and financial risks and the impacts of these on socioeconomic development.