BRIDGETOWN, Barbados, CMC – The Barbados-based Caribbean Improvement Financial institution (CDB) Wednesday stated it has launched into a spherical of stakeholder consultations supporting the mobilisation of local weather finance and the vitality and transport sectors for the area.
The area’s premier monetary establishment stated that the consultations with representatives from the 14 Caribbean Group (CARICOM) member states and key regional establishments are a part of the preparatory section for the proposal to ascertain the Regional Platform for Catalysing Local weather Motion within the Caribbean (RP-Caribbean).
CDB describes RP-Caribbean as “a historic, first-of-its-kind initiative designed to unlock local weather financing and handle obstacles to local weather motion at scale throughout the area,” including this 12 months.
The initiative was initially introduced by the Barbados Prime Minister Mia Mottley on the 2025 GCF Regional Dialogue held in St. Kitts and Nevis, and CDB stated that RP-Caribbean will probably be operationalised via financing from the GCF Readiness Programme with contributions from taking part CARICOM member states.
It stated RP-Caribbean gives an modern mechanism for implementing key precedence actions throughout the area and sectors via an built-in programmatic method. By addressing systemic obstacles similar to fragmented local weather finance flows, restricted fiscal house, and technical gaps, the Platform goals to catalyse funding and speed up progress towards shared local weather and growth targets.
The Platform goals to assist regional priorities, together with sustainable vitality transition, intra-island grid connectivity, and geothermal vitality infrastructure growth, in addition to enhanced regional connectivity via resilient transport methods and infrastructure.
Revolutionary monetary devices, similar to debt swaps and specialised funds, can assist local weather investments with out rising debt burdens.
It is going to additionally present for youth capability constructing to empower the following era to have interaction in local weather options.
The CDB stated that over the approaching weeks, it can finalise consultations with nationwide stakeholders and regional entities to make sure that the Platform’s design displays native and regional wants whereas aligning with ongoing initiatives.
“Collaboration is on the coronary heart of RP-Caribbean’s success. By partaking all Member States and key establishments, we’re making a unified technique to mobilise assets and drive transformational motion,” stated CDB President, Daniel Greatest.
“That is local weather finance innovation at its finest—not only for the Caribbean, however as a mannequin for international local weather resilience efforts,” he added.
The CDB stated that the consultations present a important alternative to refine key elements of the GCF Readiness Proposal, guaranteeing that the indicative actions and deliverables handle the precise wants of CARICOM member states.
“This initiative bridges the hole between ambition and motion. RP-Caribbean is designed to take away obstacles and unlock funding for precedence areas, from vitality to move and finance. Our consultations will guarantee these options are complete, inclusive, and sensible for implementation,” stated the Division Chief of CDB’s Environmental Sustainability Unit, Valerie Isaac.
CDB stated it stays on observe to submit the ultimate GCF proposal by the tip of September and that following this, approval from the GCF is anticipated earlier than year-end, paving the way in which for the Platform’s operationalisation.
It stated collaborations between CDB, the Organisation of Japanese Caribbean States (OECS) Fee, the Japanese Caribbean Central Financial institution (ECCB), the World Financial institution, and different regional entities will proceed to make sure alignment and maximise synergies throughout associated initiatives.
