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Showing 9 of 84 news items in Green Finance & Economy
Caribbean Development Bank appoints Barbadian Daniel Best as its seventh president
Green Finance & EconomyDecember 6, 2024

Caribbean Development Bank appoints Barbadian Daniel Best as its seventh president

Excerpt and Photo from barbadostoday.bb The Board of Governors of the Caribbean Development Bank (CDB) announces the election of Barbadian Daniel Best, as the seventh president of the institution. The bank said the decision, reached today, underscores its commitment to visionary leadership and sustainable development across the Caribbean region. “Best brings a wealth of experience and a deep understanding of the region’s development challenges and opportunities. With a distinguished career spanning over 20 years in development finance, policy planning, and infrastructure investment, he is well-positioned to lead the CDB into its next chapter of impactful regional transformation,” the bank said. As President, Best will oversee the bank’s strategic direction, focusing on its core mandate to reduce poverty and inequality while fostering inclusive and sustainable growth. Under his leadership, the bank aims to build on its legacy while addressing emerging challenges and opportunities in a rapidly changing global landscape.

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Notes From The East: Andamans Need Development, But With Great Care
Green Finance & EconomyNovember 26, 2024

Notes From The East: Andamans Need Development, But With Great Care

Excerpt and featured photo from swarajyamag.com Nestled over a thousand kilometres off India’s eastern coast, the Andaman and Nicobar Islands often remain out of sight and mind for most. But the tides are turning! The biodiversity-rich archipelago, once overshadowed by the mainland, is now front and centre in the Central government’s bold modernisation push. History was made this Sunday as AirAsia’s inaugural international flight from Kuala Lumpur touched down at Veer Savarkar International Airport in Sri Vijaya Puram (Port Blair)—ending a 22-year-long wait for international air connectivity. The airport’s state-of-the-art terminal, which opened on 18 July 2023, boasts a striking sea-shell-inspired design and a capacity to handle 5 million passengers annually. Renamed in 2002 to honour the revered freedom fighter Vinayak Damodar Savarkar—who endured incarceration in the infamous Port Blair’s Cellular Jail during India’s fight for independence—the airport stands as both a gateway and a tribute to history.

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COP29: Nauru unveils ‘groundbreaking’ citizenship by investment scheme for climate action
Green Finance & EconomyNovember 15, 2024

COP29: Nauru unveils ‘groundbreaking’ citizenship by investment scheme for climate action

Nauru has launched a “groundbreaking” citizenship by investment scheme at the United Nations climate change summit COP29 in Baku, Azerbaijan. The Micronesian island nation is the world’s smallest independent republic and the third-smallest country, with an estimated population of 11,000. Its Minister for Climate Change and National Resilience, Asterio Appi, announced the ‘Nauru Economic and Climate Resilience Citizenship Programme’ while addressing COP29 delegates on Thursday. “The innovative financing initiative [offers] an opportunity for conscientious investors to acquire an additional citizenship while contributing to climate adaptation and sustainable development projects in the Pacific region,” the Nauru government said in a statement. It said that the international investment migration advisory firm Henley & Partners has been appointed to design, set up, and manage the program.

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From Call to Action: The Bridgetown Initiative and Delivering Global Financial System Reform
Green Finance & EconomyNovember 13, 2024

From Call to Action: The Bridgetown Initiative and Delivering Global Financial System Reform

Barbados Prime Minister Mia Mottley called the world to action when she released the initial Bridgetown Initiative at UNGA in 2022. Now in its third iteration, the Bridgetown Initiative brings together an ambitious and holistic set of calls for reforms to make the Global Financial System more inclusive, more shock-responsive, and better scaled to meet the financing challenges and needs for developing countries. The UK is ready to stand up to face those challenges head-on. As a G7 country with the largest sustainable financial centre in the world, a track-record of delivering financial innovations and influencing the global debate, a key voice in the governance of the System, the UK has a strong track-record and platform to deliver. And deliver we must: the global financial system needs to deliver a fairer deal for developing countries. This conversation – moderated by Vera Songwe – will enable a frank discussion between leading voices to understand the problems, identify solutions, and drive reforms to create a world free of poverty on a liveable planet.

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At COP29, it’s money that matters
Green Finance & EconomyNovember 11, 2024

At COP29, it’s money that matters

Excerpt and Photo from pressreader.com On an island in Malaita, Solomon Islands, 13-year-old Timothy visits his ancestral home for the first time, alongside his grandmother and mother. His family, like many Pacific families, relies on the land and sea for survival, but climate change has disrupted their lives. When Timothy was born, rising seas and coastal erosion forced his family to abandon their home and relocate to the mainland. Rising seas and coastal erosion ate away at the shoreline, while saltwater intrusion tainted their food and water. Now the island is less than half its original size, and encroaching waves are damaging Timothy’s ancestors’ graves. Timothy’s story demonstrates the importance of climate finance and the upcoming United Nations climate conference, COP29. Across the Pacific, climate change is driving many families from their homes. While most would prefer to stay, few can afford the critical infrastructure needed to safeguard their homes, their lives, and their livelihoods from extreme weather and sea level rise. This is where the decisions around climate finance at COP29 become so crucial.

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How Much Longer Will the Threat of Industrialization Loom Over Sears Island?
Green Finance & EconomyNovember 1, 2024

How Much Longer Will the Threat of Industrialization Loom Over Sears Island?

Sears Island is a wooded, egg-shaped piece of land in Penobscot Bay, about the size of New York City’s Central Park. Connected to the mainland via causeway, the island could provide commercial access to one of Maine’s few deepwater harbors, but it remains, improbably, uninhabited and undeveloped. For more than half a century, various efforts to capitalize on the plum location — plans for an aluminum smelter, a coal-fired power plant, a liquified-natural-gas terminal, a nuclear power plant, a cargo port — have all fizzled out. The island’s apparent knack for staying wild has left it the East Coast’s largest car-accessible island still undeveloped — an enduring sanctuary for plants and animals and an enduring target of industrial interests. One night this summer, more than a hundred people packed into a school gymnasium in Searsport, the midcoast town in which the island lies, to hear about the latest idea: turning Sears Island into a production hub for gigantic floating wind turbines. In February, Governor Janet Mills had [announced that the state, which owns Sears Island, had chosen it as the best place for a wind-turbine port](https://www.maine.gov/governor/mills/news/governor-mills-announces-sears-island-preferred-site-port-support-floating-offshore-wind-2024) and manufacturing plant. The facility would cover 100 acres, or about 10 percent of the island. In the school gymnasium, it didn’t take long for the shouting to begin. Matthew Burns, executive director of the [Maine Port Authority](https://www.maineports.com/), a state agency that, along with the [Maine Department of Transportation](https://www.maine.gov/mdot/), is spearheading the project, kicked off proceedings by presenting a status update. After that, Burns would answer some 75 questions submitted in advance by the public. In-person questions and comments wouldn’t be taken. “You don’t want to answer our questions, do you?” someone shouted, interrupting Burns as he detailed the millions of dollars in federal and state funding available for such a project. “You’re just going to ramble on. You want to shove this down our throats!” “Folks, this is a presentation,” Searsport town manager James Gillway interjected, in an effort to maintain order. “Let’s get through that and get to the questions.”

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St Kitts wants to move away from dependence on Citizen by Investment programme
Green Finance & EconomyOctober 25, 2024

St Kitts wants to move away from dependence on Citizen by Investment programme

St Kitts-Nevis Prime Minister Dr Terrance Drew says the country was “on the brink” of losing its visa-free visa-free access to the United Kingdom and the European Union, as he announced plans to reform the Citizenship by Investment (CBI) programme as part of an overall new initiative to spur economic growth and development. Under the programme, foreign investors are provided with citizenship of the twin island federation in return for making a significant contribution to the socio-economic development of the country. In a nationwide radio and television broadcast, Prime Minister Drew said that two years ago, when he assumed office, the CBI programme directly contributed between 60-70 per cent of the country’s revenue. “We were overly dependent on CBI, our proverbial economic eggs were all in one basket. Unlike nations that rely on natural resources like oil and gas, which have stable and consistent demand, CBI has never been a guaranteed industry.” Prime Minister Drew sad that no nation can truly say that citizenships will always be in demand, adding “the reality is simple: the CBI is vulnerable to international politics and scrutiny”.

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Will the Sea Cucumber Industry Sink or Swim in Belize?
Green Finance & EconomyOctober 17, 2024

Will the Sea Cucumber Industry Sink or Swim in Belize?

Sea cucumber fishing in Belize, though practiced for over two decades, became formally regulated in 2009 with the passing of Statutory Instrument 67, which introduced a closed season and limited licensing for the industry. Since then, licenses for sea cucumber harvesting have fluctuated between 70 and 80 permits annually, with quotas determined by an annual survey conducted by the Belize Fisheries Department. Initially, fishers received $3.50 BZD per pound of sea cucumber, but prices increased to $6.00 BZD per pound as demand grew. Some sea cucumbers can weigh as little as 1.6 oz. In 2016, new regulations were introduced, including size limits, gutted weight specifications, fishing hours, and managed access requirements. Further amendments in 2022 aimed to protect the fishery, with additional measures such as safeguarding spawning months, increasing size limits, and designating specific landing sites determined by the Fisheries Administrator. Despite its small scale, however, the sea cucumber fishery has gained significant attention from both buyers and fishers.

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Cocoa’s revival on the tropical island of Saint Lucia
Green Finance & EconomyOctober 11, 2024

Cocoa’s revival on the tropical island of Saint Lucia

Photo source: FAO/Leshan Monrose. Retrieved from fao.org Derived from its Greek name Theobroma Cacao, which translates to “Food of the Gods,” cocoa has been intricately woven into the tapestry of the Caribbean Island of Saint Lucia since its arrival in the 1660s. From a steaming cup of hot cocoa and tasty marinades to delectable chocolates, its versatility has no bounds. Cocoa tea, for example, is an island tradition that spans generation. Over time, Saint Lucians have perfected the art of making it with freshly ground cocoa sticks and fresh spices like nutmeg, cinnamon and bay leaf. During the peak period of the banana industry in the 1960’s, cocoa found itself playing second fiddle. Prior to 1993, bananas from African, Caribbean and Pacific countries had preferential access to markets in the European Union because of special policies that favoured bananas from former colonies. However, there were significant modifications to the trade agreement in the early 2000s. Year later, the banana industry in Saint Lucia all but collapsed. “The cocoa industry has been through its ups and downs, but we are on the up again,” exclaimed Cuthbert Monrocq, a local cocoa expert and farmer. His face beamed with pride as he reflects on the resurgence of the cocoa industry. Cuthbert has been a cocoa farmer for 24 years. He started out as a labourer on a local farm, but over the years not only did his knowledge of the industry grow, so did his entrepreneurial skills. He presently owns Montuzuma Family Estate – 9.5 acres of farmland – where he grows mushrooms and vegetables and conducts agro-tourism tours on his farm. His main crop though is cacao.

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