Plans to set up a blue green bank have been described as a major innovation in relation to climate finance.
Minister in the Prime Minister's Office, Senator Dr. Shantal Munro-Knight gave the assessment as the Upper House debated the Barbados Blue Green Bank Bill.
The Bank is intended to reduce the cost of financing in support of projects that strengthen climate resilience and respond to climate change impacts in the region.
Dr. Munro-Knight says the international narrative suggests developing countries on the front line have to mobilise domestic finances to deal with the present and urgent climate impacts.
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