This week, Barbados signed an agreement with the Green Climate Fund which will allow the country to access significant grants for climate finance.
The Readiness Grant agreement was signed by the Economic Affairs and Investment Minister Marsha Caddle in South Korea, on the sidelines of the fund’s Global National Designated Authority and Private Investment for Climate Conferences.
Through this agreement, the government of Barbados will receive an initial grant of $300 000 to mobilise more climate response financing, and further grants will be used for the development of National Adaptation Plans.
“The Government of Barbados is committed to improving our access to climate finance and ensuring that our own investments are climate resilient. We are doing our part,” said Minister Caddle. The Minister also emphasised the need to limit warming to 1.5 degrees, and the big impact that an additional 0.5 degrees would have on our planet, especially for small islands.
As the country readies to meet its target to be fossil fuel free by 2030, the government is committed to facilitating and supporting climate change adaptation and mitigation financing by strengthening private sector involvement in renewable energy and climate resilience projects.