Barbados has completed what it calls the world’s first ‘debt-for-climate resilience’ swap which will see it invest $165 million in water infrastructure, food security and environmental protection to help the Caribbean island adapt to the damaging effects of climate change.
Barbados’ new deal is the first debt-swap to free up money directly for climate adaptation and will generate around $125 million to go towards sewage treatment plant upgrades that should boost water supplies and reduce the amount of pollution going into the Caribbean.