BRIDGETOWN, Barbados, CMC – The Barbados-based Caribbean Development Bank (CDB) Wednesday said it has embarked on a round of stakeholder consultations supporting the mobilisation of climate finance and the energy and transport sectors for the region.
The region’s premier financial institution said that the consultations with representatives from the 14 Caribbean Community (CARICOM) member states and key regional institutions are part of the preparatory phase for the proposal to establish the Regional Platform for Catalysing Climate Action in the Caribbean (RP-Caribbean).
CDB describes RP-Caribbean as “a historic, first-of-its-kind initiative designed to unlock climate financing and address barriers to climate action at scale across the region,” adding this year.
The initiative was initially announced by the Barbados Prime Minister Mia Mottley at the 2025 GCF Regional Dialogue held in St. Kitts and Nevis, and CDB said that RP-Caribbean will be operationalised through financing from the GCF Readiness Programme with contributions from participating CARICOM member states.
It said RP-Caribbean offers an innovative mechanism for implementing key priority activities across the region and sectors through an integrated programmatic approach. By addressing systemic barriers such as fragmented climate finance flows, limited fiscal space, and technical gaps, the Platform aims to catalyse investment and accelerate progress toward shared climate and development goals.
The Platform aims to support regional priorities, including sustainable energy transition, intra-island grid connectivity, and geothermal energy infrastructure development, as well as enhanced regional connectivity through resilient transport systems and infrastructure.
Innovative financial instruments, such as debt swaps and specialised funds, can support climate investments without increasing debt burdens.
It will also provide for youth capacity building to empower the next generation to engage in climate solutions.
The CDB said that over the coming weeks, it will finalise consultations with national stakeholders and regional entities to ensure that the Platform’s design reflects local and regional needs while aligning with ongoing initiatives.
“Collaboration is at the heart of RP-Caribbean’s success. By engaging all Member States and key institutions, we are creating a unified strategy to mobilise resources and drive transformational action,” said CDB President, Daniel Best.
“This is climate finance innovation at its best—not just for the Caribbean, but as a model for global climate resilience efforts,” he added.
The CDB said that the consultations provide a critical opportunity to refine key components of the GCF Readiness Proposal, ensuring that the indicative activities and deliverables address the specific needs of CARICOM member states.
“This initiative bridges the gap between ambition and action. RP-Caribbean is designed to remove barriers and unlock investment for priority areas, from energy to transport and finance. Our consultations will ensure these solutions are comprehensive, inclusive, and practical for implementation,” said the Division Chief of CDB’s Environmental Sustainability Unit, Valerie Isaac.
CDB said it remains on track to submit the final GCF proposal by the end of September and that following this, approval from the GCF is anticipated before year-end, paving the way for the Platform’s operationalisation.
It said collaborations between CDB, the Organisation of Eastern Caribbean States (OECS) Commission, the Eastern Caribbean Central Bank (ECCB), the World Bank, and other regional entities will continue to ensure alignment and maximise synergies across related projects.
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