Now that Barbados has received grant funding from the Green Climate Fund’s Project Preparation Facilitation, it can establish the Blue Green Investment Corporation (BGIC).
The green bank will allow financing to several private and public initiatives for green, affordable, gender-inclusive housing, energy generation, water conservation, food security and low-carbon transport.
CBC News spoke with Professor Avinash Persaud, who was key in the negotiations. He said they want to support the Hope Housing Project.
Professor Persaud said while this is a win for Barbados in terms of the renewable energy path, there is still some work to be done by all citizens.
Professor Persaud and a team of individuals were part of the negotiations which took place during COP27 in Egypt.
The BGIC will not be a retail bank but an investment bank working to facilitate and support retail activity.
It will do so through financing green bonds, for instance, and will seek to draw in and partner with other financial players like banks, credit unions, pension funds, and insurance companies.