The World Bank approves US$110 million in financing for Barbados to support its low-carbon economic development and climate resilience. The loan has two main pillars, the first focusing on green and blue resilient development, including water reuse, adoption of climate change and agriculture policy, and the establishment of an Environmental Sustainability Fund, among other items. […]
Barbados is the first nation in the Caribbean that will receive money from the US$45 billion IMF Resilience Trust. They will receive US$183 million for climate-focused spending. Source: ProPublica
In what Prime Minister Mia Mottley has described as a game-changing transaction, Barbados has announced a $150m debt-for-nature swap. Managed by Credit Suisse and CIBC FirstCaribbean, the deal will free up about US$50 million in the next 15 years by buying back a portion of its US$531 million bond due in 2029. They are replacing […]
The Ministry of Energy in Barbados announced the creation of a national energy storage policy. Part of the policy includes mandatory storage systems for larger renewable energy supplies. Source: Barbados Today
Sol Ecolution, the renewable energy and low-carbon unit of Caribbean group Sol Petroleum and the Barbados based firm, Blue Circle Energy, signed an MoU for the joint promotion of around 30 MW community solar projects in Barbados. Source: Sol Petroleum
The Barbados Workers’ Union, Barbados National Oil Company Limited, and Emera Caribbean signed an MoU to begin constructing a US$25 million, 10 MW solar plant at Mangrove, St. Philip, within a year. Source: GIS Barbados
The second phase of the IDB-led Energy Smart Fund in Barbados is now open to micro, small, and medium enterprises across sectors, with the ability to invest US$13 million in total. Source: Barbados Loop News
The IDB issued a request for expressions of interest to assist Barbados in structuring a competitive framework to secure a larger capacity of utility-scale renewable energy and/or storage. The winner will create a procurement process that will include pre-qualification requirements and documents, tender documents, and evaluation criteria. Source: BN Americas
Barbados Prime Minister Mia Mottley defended the decision to explore for oil and gas along their maritime border with Trinidad and Tobago. According to Mottley, describing it as an issue of equity, fossil fuels have the potential to finance Barbados’s bid for net zero. Source: Argus Media
