BRIDGETOWN, Barbados, CMC – The Barbados government has welcomed the announcement by the Korea-based Green Climate Fund (GCF) to approve a US$15 million investment in the proposed Blue Green Bank (BGB) capital.
The Barbados-based Blue Green Bank is expected to have a capital base of more than BDS$80 million (One BDS$=US$0.50 cents) and a capacity to lend BDS$500 million.
“Today, in the wake of record-breaking global temperatures, we are certain climate change is upon us, and we must invest in protecting our citizens from hurricanes, flooding, and droughts, preserve our natural capital, and pursue an aggressive net zero target,” Prime Minister Mia Mottley said.
The BGB is intended to invest in green affordable homes, assisting with providing hurricane-resilient roofs, the electrification of transport, and other ‘Paris-aligned’ investments.
“This will be a game changer, allowing us to finance climate resilience and action better. We see the Blue Green Bank playing a particularly critical role in accelerating our transition to net zero, boosting resilience, enfranchising workers, drawing in private-sector investment, and prudently managing public finances and public debt levels,” Mottley added.
The BGB proposal builds on the government’s ongoing climate policy reforms supported by the Resilience and Sustainability Facility with the International Monetary Fund (IMF). It reflects a new “system” approach of intense cooperation with all our development partners, including the Green Climate Fund, the critical financing component of the 2015 Paris Agreement.
“Much work went into readying the proposal for the GCF board meeting, and I would like to thank the teams at the Green Climate Fund, Pegasus, our diligent accredited entity, and officials in the Barbados government, such as Special Advisor to the Government on Climate Change Professor Avinash Persaud, Director of the Roofs to Reefs Programme Ricardo Marshall, and Juanita Thorington-Powlett.”
“We are also grateful for the preparatory financial support from the Green Climate Fund, the International Monetary Fund, US AID, and Rockefeller Foundation,” Mottley said, adding, “We hope this bank demonstrates to others what is bankable, crowds in other investments, and plays a critical role in building a more resilient and sustainable nation, communities and people.”
“We hope it will become a model for others and part of a global network of similar institutions, sharing best practices, policies, instruments, and investments to support diversification,” Mottley said.
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