FP213

The Blue Green Bank (BGB)

The Blue Green Bank (BGB)

Barbados is faced with critical challenges from climate change. Increasing temperatures, a heightened frequency and intensity of hurricanes, and rising sea levels are leading to damaged infrastructure, an endangered water-supply, and the destruction of unique coastal ecosystems. These threaten the stability and livelihood of the island's population of more than a quarter million people.

To lead by example, the Barbadian Government has committed itself to transition completely to renewable energy by 2030 while building resilience to the impacts of climate change. This requires an increase in the risk appetite for climate investments from the local financial sector, and an enabling environment to overcome investment barriers.

The Blue Green Bank (BGB) will bring together public, private, and multilateral institutions to ensure that green financing for adaptation and mitigation projects becomes and remains available to the local population. The bank will deliver funds, guarantees, and other financial products to support the existing financial ecosystem of banks, credit unions, and insurance companies that facilitate the funding of blue/green climate-responsive programs– in alignment with Barbados’s Nationally Determined Contributions and development plans.

Grants from the GCF Project Preparation Facility (PPF) supported the Accredited Entity (AE) in the development of this project's funding proposal (FP).

Total project value

 

Tonnes of emissions avoided

 

Beneficiaries

 

Direct
226,000
Indirect
65,200
Theme

Cross-cutting

Result areas

Project timeline

Pipeline

09 Feb 2023 - 155 days

Funding proposal received

09 Feb 2023

Cleared by GCF Secretariat

27 Apr 2023

Cleared by iTAP

19 Jun 2023

Approved

13 Jul 2023 - 344 days so far

Approved by GCF Board

13 Jul 2023

Legal opinion on AE's Internal Approval

02 Aug 2023

Under implementation

To be completed

One region

  • Latin America and the Caribbean

One country

One priority group

  • Small Island Developing States
USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

InstrumentAmount
EquityUSD 15,500,000
Total GCF Financing
USD 15,500,000

Co-financing

Co-financerInstrumentAmount
Co-FinancingEquityUSD 10,000,000
Co-FinancingEquityUSD 2,500,000
Co-FinancingEquityUSD 2,500,000
Total Co-Financing
USD 15,000,000

GCF Contacts

General media inquiries

GCF Communications
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6714 (KST)
Send e-mail

Accredited Entity

Pegasus Capital Advisors
Mr. Craig Cogut
Primary

Founder, Chairman & CEO
750 East Main Street, Suite 600 Stamford, Stamford, United States
Ms Natalie Gartmann
Secondary

ESG Manager
750 East Main Street, Suite 600 Stamford, Stamford, United States
More contacts

National Designated Authority

Barbados
Economic Affairs and Investment Division Ministry of Finance, Economic Affairs and Investment
Senator the Honourable Chad Blackman Primary
Minister in the Ministry of Finance, Economic Affairs and Investment (Economic Affairs and Investment Division)
3rd Floor East, Warrens Office Complex Warrens, St Michael, Barbados
Phone 1 246 535-1302/1 246 535-1317
chad.blackman@barbados.gov.bb
Mrs. Betty Alleyne-Headley Secondary
Permanent Secretary, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
3rd Floor East, Warrens Office Complex, Warrens St. Michael, St. Michael, Barbados
Phone 535-1304/535-1326
Betty.Alleyne-Headley@barbados.gov.bb
Mr. Ricardo Marshall Operational focal point
Director, Roofs to Reefs Programme (R2RP), Prime Minister’s Office
Government Headquarters Bay Street St. Michael, Barbados
Mr. Ronnie Griffith Operational focal point
Chief Economist, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Ms. Richelle Gaskin Operational focal point
Economist I, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Ms. Sharifa Roach-Vaughan Operational focal point
Secretary to the Minister, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment

Documents