Greening the Caribbean Financial Systems
Technical Assistance
The project aims to support the Caribbean region in its adaptation to climate change and its low carbon transition through the integration of climate-risks in the financial systems regulation and supervision activities and the financing of climate public investments. This project implemented by AFD:
Supports three of the main central banks of the Caribbean region (the Eastern Caribbean Central Bank, the Bank of Jamaica and the Central Bank of Dominican Republic) to integrate climate-related risks in their regulation and supervision activities. Activities are based on the actions promoted by the Network for Greening the Financial System.
Supports the Caribbean Development Bank (CDB) to promote the financing of adaptation and mitigation investments with a gender lens. Some of the pre-identified activities within CDB are:
- Establishment of a regional gender research fund to support CDB’s gender strategy;
- Establishment of a “Matching Grant Schemes” (MGS) mechanism that will support individual farmer
- Building CDB strategical approach towards biodiversity, financing a strategical paper and other studies;
- Enhancing capacity building, internal coordination and pipeline consolidation through studies and preparatory works. This will enable the implementation of CDB projects in different areas. The potential pipeline of projects supported includes:
(i) Water supply enhancement project in Suriname
(ii) Utility scale solar photovoltaic and battery storage in Grenada
(iii) Resilient rural agriculture support infrastructure and services in Belize
(iv) Ambergris Cay water and wastewater facilities expansion in Belize
(v) John Compton Dam pipeline replacement in St. Lucia
The project is expected to deliver the following:
- To promote an effective climate-resilient low-carbon economy and society in Caribbean Countries;
- To strengthen Caribbean financial ecosystem actors’ capacities and to upgrade the policy and regulatory framework in order to enable green investments;
- To promote gender equality and gender inclusive activities in the new projects and products of Caribbean Central Banks and CDB;
- To consolidate CDB’s project pipeline, which will in return improve efficiency and rational use of energy resources, access to affordable and realiable water and sanitation services and food security in the region.
