BRIDGETOWN, Barbados: The Caribbean Development Bank (CDB) has secured a significant upgrade to its accreditation from the Green Climate Fund (GCF), enabling the bank to develop and deliver individual climate programmes and projects valued at as much as USD250 million up from the previous limit of USD50M. The substantial increase will enable CDB to implement larger, more impactful climate response initiatives in partnership with the GCF.
The GCF approved the upgrade on October 21, 2024, during its 40th Board Meeting in Songdo, Incheon, Republic of Korea. The new threshold will enable CDB to boost concessional climate finance for the Caribbean, accelerating climate action in the region. The expanded financing capacity also allows CDB to help its client countries develop larger climate change adaptation and mitigation projects, particularly in capital-intensive sectors. Additionally, CDB is now better positioned to support regional programmes, broadening its reach and achieving economies of scale.
“This is a pivotal achievement for the Bank and the wider Caribbean region. Enhancing access to and scaling up climate finance is critical for our client countries as they face increasingly urgent climate challenges,” CDB’s acting director of projects, L. O’Reilly Lewis, explained. “With this upgraded accreditation, CDB is now better equipped to drive the large-scale, impactful projects that will make a meaningful difference in the region’s climate resilience and sustainable development efforts.”
Valerie Isaac, CDB’s division chief, environmental sustainability, said:
“This approval reflects a vote of confidence in CDB’s ability to deliver the types of large-scale, transformational initiatives that can bolster climate change response for the region given our extreme vulnerability. We are grateful to the GCF Secretariat, Accreditation Panel, and board for the upgraded accreditation scope, and we look forward to working with our client countries and GCF counterparts to accelerate climate action for the Caribbean.”
