The Caribbean Improvement Financial institution (CDB) has secured a major improve to its accreditation from the Inexperienced Local weather Fund (GCF), enabling the Financial institution to develop and ship particular person local weather programmes and tasks valued at as a lot as USD250 million (mn) up from the earlier restrict of USD50 mn. The substantial enhance will allow CDB to implement bigger, extra impactful local weather response initiatives in partnership with the GCF.
The GCF authorized the improve on October 21, 2024, throughout its fortieth Board Assembly in Songdo, Incheon, Republic of Korea. The brand new threshold will allow CDB to spice up concessional local weather finance for the Caribbean, accelerating local weather motion within the area. The expanded financing capability additionally permits CDB to assist its shopper nations develop bigger local weather change adaptation and mitigation tasks, significantly in capital-intensive sectors. Moreover, CDB is now higher positioned to assist regional programmes, broadening its attain and reaching economies of scale.
“This can be a pivotal achievement for the Financial institution and the broader Caribbean area. Enhancing entry to and scaling up local weather finance is essential for our shopper nations as they face more and more pressing local weather challenges,” CDB’s Performing Director of Initiatives, L. O’Reilly Lewis, defined. “With this upgraded accreditation, CDB is now higher outfitted to drive the large-scale, impactful tasks that can make a significant distinction within the area’s local weather resilience and sustainable growth efforts.”
Valerie Isaac, CDB’s Division Chief, Environmental Sustainability stated, “This approval displays a vote of confidence in CDB’s means to ship the forms of large-scale, transformational initiatives that may bolster local weather change response for the area given our excessive vulnerability. We’re grateful to the GCF Secretariat, Accreditation Panel, and Board for the upgraded accreditation scope, and we stay up for working with our shopper nations and GCF counterparts to speed up local weather motion for the Caribbean.”
