CDB Gets Approval to Boost Funding for Climate Projects

• The Barbados-based Caribbean Development Bank (CDB) has secured a significant upgrade to its accreditation from the Green Climate Fund (GCF), enabling the region's financial institution to develop and deliver individual climate programmes and projects valued at as much as US$250Mn.
• The CDB said that the figure is a significant increase on the previous limit of US$50Mn and will enable it to implement larger, more impactful climate response initiatives in partnership with the GCF.
• The GCF approved the upgrade on Monday, October 21, during its 40th board meeting with the Republic of Korea.
• The new threshold will enable the CDB to boost concessional climate finance for the Caribbean, accelerating climate action in the region. The expanded financing capacity also allows the 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. 
• Valerie Isaac, CDB's division chief of Environmental Sustainability, said the approval reflects a vote of confidence in the 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.

(Source: Trinidad Express Newspaper)