The Eastern Caribbean Central Bank (ECCB) has embarked on a Green Finance Initiative, which is geared toward encouraging projects and investments that help the countries of the Eastern Caribbean Currency Union (ECCU) become more climate resilient to withstand the shocks of climate change and natural disasters.
Speaking on this week’s episode of ECCB Connects, Project Lead of the ECCB’s Greening of the ECCU Financial System Initiative, Kieran St Omer, explained how the ECCB is working to help the region confront the challenges of climate change through this initiative, the Bank said in a release.
St. Omer said the initiative promotes the allocation of capital to projects that have a positive ecological environmental impact such as waste management, climate adaptation and mitigation.
According to St Omer, energy is the livelihood for economic activity, and for a long time, there has been heavy reliance on the use of fossil fuels for energy consumption. The ECCB’s Green Initiative, therefore seeks to attract investments in renewable energy to ensure clean, affordable and reliable energy for all citizens in all member states at all income levels.
St Omer also noted the importance of preparing the society for this transition. She said the ECCB is partnering with other institutions such as The World Bank and NDC Partnership Initiative to finance the transition to ensure proper framework policies are in place and to facilitate the participation and support of the financial sector.