FP242
Caribbean Net-Zero and Resilient Private Sector
Caribbean Net-Zero and Resilient Private Sector
Small Island Developing States (SIDS) in the Caribbean are highly vulnerable to climate change, which affects crucial economic sectors such as tourism, agriculture, and fishing. Rising sea levels and changing weather patterns threaten natural habitats and increase the severity of natural disasters. Despite minimal contributions to global emissions, SIDS in the Caribbean face significant economic risks, with projected annual losses of USD 22 billion by 2050, making emissions reduction essential.
The Caribbean Net-Zero and Resilient Private Sector programme supports climate resilient investments in the Bahamas, Barbados, Belize, the Dominican Republic, Guyana, Jamaica, Suriname, and Trinidad and Tobago. Focusing on agriculture, sustainable infrastructure, renewable energy, transport, and the blue economy, the programme aims to overcome investment barriers by providing advisory services and blended finance solutions. It also emphasises gender mainstreaming to close gender and diversity gaps in the region.
Moreover, the programme aims to scale up private climate finance through local actors by combining advisory services with concessional financing from GCF, which will enhance the region's climate resilience and sustainable development. By mobilising 3.4 times the funding from IDB Invest and other co-financiers, it will help reduce the existing climate finance gap for SIDS in the Caribbean region.
Project timeline
Pipeline
19 Mar 2022 - 853 days
Concept note received
19 Mar 2022
Funding proposal received
18 Mar 2024
Cleared by GCF Secretariat
01 May 2024
Cleared by iTAP
24 Jun 2024
Approved
18 Jul 2024 - 158 days so far
Approved by GCF Board
18 Jul 2024
Legal opinion on AE's Internal Approval
15 Nov 2024
Under implementation
To be completed
One region
- Latin America and the Caribbean
Eight countries
One priority group
- Small Island Developing States
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing
| Instrument | Amount |
|---|---|
| Loan | USD 25,000,000 |
| Equity | USD 25,000,000 |
| Loan | USD 25,000,000 |
| Guarantee | USD 25,000,000 |
| Grant | USD 18,975,948 |
| Total GCF Financing |
|---|
| USD 118,975,948 |
Co-financing
| Co-financer | Instrument | Amount |
|---|---|---|
| Co-Financing | Loan | USD 25,000,000 |
| Co-Financing | Loan | USD 25,000,000 |
| Co-Financing | Equity | USD 25,000,000 |
| Co-Financing | Guarantee | USD 25,000,000 |
| Co-Financing | Loan | USD 76,500,000 |
| Co-Financing | Loan | USD 76,500,000 |
| Co-Financing | Equity | USD 76,500,000 |
| Co-Financing | Guarantee | USD 76,500,000 |
| Co-Financing | Grant | USD 2,200,000 |
| Total Co-Financing |
|---|
| USD 408,200,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6714 (KST)
Send e-mail
Entity
IDB Invest
Chief, Resource Mobilization Division
1300 New York Avenue, NW, 20577, Washington DC, United States
More contacts
National Designated Authority
Office of the Prime Minister
Special Advisor for Climate Change & Environmental Matters
Sir Cecil Wallace Whitfield Center, Nassau, Bahamas
Director, Department of Environmental Planning and Protection Ministry of Environment and Natural Resources
Deputy Director Economics, Ministry of Finance
Economic Affairs and Investment Division Ministry of Finance, Economic Affairs and Investment
Minister in the Ministry of Finance, Economic Affairs and Investment (Economic Affairs and Investment Division)
3rd Floor East, Warrens Office Complex Warrens, St Michael, Barbados
Permanent Secretary, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
3rd Floor East, Warrens Office Complex, Warrens St. Michael, St. Michael, Barbados
Director, Roofs to Reefs Programme (R2RP), Prime Minister’s Office
Government Headquarters Bay Street St. Michael, Barbados
Chief Economist, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Economist I, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Secretary to the Minister, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Ministry of Finance, Economic Development & Investment with responsibility for Economic Development & Investment
Ag. Chief Executive Officer
Sir Edney Cain Building, First Floor, Right Wing, Belmopan, Belize
Ag. Director/Green Climate Fund Focal Point, Climate Finance Unit, Ministry of Economic Development
Ministry of Environment and Natural Resources
Viceminister of Climate Change and Sustainibility
Ave. Cayetano Germosén esq. Ave. Gregorio Luperón. Ensanche El Pedregal, Santo Domingo, Dominican Republic (the)
Office of the Vice President
Vice President, Co-operative Republic of Guyana
Shiv Chanderpaul Drive, Bourda,, Georgetown, Guyana
Lead Climate Change Negotiator, Office of the President, Department of Environment and Climate Change
Senior Director for Climate and REDD+, Ministry of Natural Resources
Ministry of Economic Growth and Job Creation (MEGJC)
Programme Coordination, Monitoring and Evaluation Officer
Ministry of Spatial Planning and Environment
Minister
Prins Hendrikstraat #22, Paramaribo, Suriname
Permanent Secretary for Environment
Permanent Secretary for General and Financial Affairs
Ministry of Planning and Development
Permanent Secretary
Level 14, Eric Williams Finance Building, Independence Square, Port of Spain, Trinidad, West Indies, Trinidad and Tobago
Documents
| Title | Type | Date |
|---|---|---|
| Caribbean Net-Zero and Resilient Private Sector | Approved funding proposal | 14 Aug 2024 |
| Environmental and social safeguards (ESS) report for FP242: Caribbean Net-Zero and Resilient Private Sector | Environmental and Social Safeguards report | 14 Mar 2024 |