FP213

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).