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© 2025 Island Innovation. All rights reserved.

    News

    Curated stories and analysis from islands and sustainability leaders worldwide.

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    Showing 9 of 90 news items in Green Finance & Economy
    Dr. Douglas Invites Investors To St. Kitts And Nevis As He Pitches Sustainable Island State Vision At Island Finance Forum On Apr 20, 2023
    Green Finance & EconomyApril 21, 2023

    Dr. Douglas Invites Investors To St. Kitts And Nevis As He Pitches Sustainable Island State Vision At Island Finance Forum On Apr 20, 2023

    Photo: retrieved from nevispages.com Basseterre – Island Innovation’s Island Finance Forum kicked off on Tuesday morning bringing island leaders and stakeholders from across the world together virtually. Foreign Minister Dr. Denzil Douglas joined the Governor of Guam, the Deputy Premier of Bermuda, and a fellow Foreign Minister from Tuvalu in addressing six thousand island stakeholders representing government, research, and innovators and private sector representatives from across the world. The Foreign Minister, during his intervention, urged the global community to reform the global financial architecture that locked small island states out of concessional financing for sustainable development. He lauded the efforts of Prime Minister Motley of Barbados and expressed hope for a positive outcome of the joint meeting organised by Barbados and France in Paris in June on a New Global Financial Pact. The Foreign Minister, who also holds responsibility for Industry, Investment and Economic Development, underscored that the Administration’s Sustainable Island State vision depends on the ability of vulnerable islands like Saint Kitts and Nevis to access finance on the international market. He reiterated the Prime Minister’s call for the IFIs to implement a Multi-Dimensional Vulnerability Index (MVI) that privileges the Caribbean’s unique vulnerability to natural disasters like hurricanes. In calling for an overhaul of the neo-colonial world order and international financial architecture the Foreign Minister called for “bridging the gap between the G7 and the G77. In recalling the institutional bias against small island states in the Global South, the Foreign Minister invoked anti-Apartheid activist Randall Robinson by stating, “We all have to die, and I preferred to have just one death. But it seems to me that to suffer insult without response is to die many deaths.” The calls for climate justice, environmental justice and reparatory justice were central to the Foreign Minister’s intervention.

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    Barbados’ Unique Impact On The Future Of Fintech
    Green Finance & EconomyMarch 27, 2023

    Barbados’ Unique Impact On The Future Of Fintech

    On October 4-6, 2023, over 800 Fintech leaders worldwide will convene at the second annual [Fintech Islands Experience conference](https://www.fintechislands.com/) at the magnificent new Sam Lord’s Castle Resort. The members of this diverse global community align around a shared mission to leverage emerging technologies to create a more efficient, inclusive, and sustainable economic system. But why have they chosen this venue on the small island nation of Barbados as the place to cultivate partnerships, share insights and build financial technology businesses? There are many reasons, starting with the bold leadership of The Honorable Prime Minister Mia Amor Mottley. The delicate balancing act for financial regulators in every global jurisdiction is protecting the vulnerable while also fostering innovation that stimulates economic growth and opportunity. In this regard, Prime Minister Mottley sets a remarkable example. In her keynote address at the inaugural Fintech Islands conference in October 2022, Mottley espoused an insightful approach to regulation that weighs whether each emerging financial solution serves the public purpose while avoiding public mischief and discrimination. “It is in the principles-based approach that we find what is fair to you [the Fintech industry] and what is fair to those with whom you are seeking to serve.” In addition to regulatory environments that provide a sandbox for Fintech experimentation, the Caribbean and Atlantic also present a receptive market for Fintech companies to establish themselves and expand globally. Across a total population of 45 million people, about two-thirds of Caribbean citizens are unbanked, meaning they are predominantly cash-based. Thus it is critical to the region’s economic future to introduce innovative financial solutions that help overcome cultural and historical barriers to transition from legacy methods and spur the adoption of digital tools. With its dynamic leadership and gateway access to the world, Barbados has a unique opportunity at this pivotal moment in the Caribbean’s Fintech revolution to become the hub for the region propelling the blue and green industries towards a better economy.

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    Resilience and Sustainability – IMF Chooses Seychelles for Pilot Financing Mechanism
    Green Finance & EconomyMarch 22, 2023

    Resilience and Sustainability – IMF Chooses Seychelles for Pilot Financing Mechanism

    Seychelles is set to become a pilot country to benefit from the International Monetary Fund’s (IMF) newly launched Resilience and Sustainability Facility (RSF), announced the mission chief for the island nation on Tuesday. Initiated in October 2022, the Resilience and Sustainability Facility provides affordable long-term financing to countries undertaking reforms to reduce risks to prospective balance of payments stability, including those related to climate change and pandemic preparedness. Calixte Ahokpossi made the statement to the press after meeting Seychelles’ President Wavel Ramkalawan at State House to discuss two IMF programmes for the country. He was accompanied by IMF’s resident representative, Aissatou Diallo, Seychelles’ finance minister Naadir Hassan and the governor of the Central Bank of Seychelles, Caroline Abel. The IMF team is in the country at the request of local authorities. “We discussed the Extended Fund Facility and the new facility called the Resilience and Sustainability Facility. The latter goes to support the climate-related efforts of governments around the world,” said Ahokpossi.

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    Racquel Moses | Building the Caribbean on sustainable, collaborative growth
    Green Finance & EconomyFebruary 20, 2023

    Racquel Moses | Building the Caribbean on sustainable, collaborative growth

    The Caribbean was a major global innovator in 2022. From our politicians and diplomats steering international policy in New York during the UN General Assembly and UN climate conference (COP27) in Sharm el-Sheikh, to the development of key programmes like Barbados’ Blue Bonds and planning for a Caribbean Single Energy Export Market – the region’s leadership has been on full display. These actions have created a platform to build on in 2023 and will provide the opportunity for the region to step up its development initiatives. Bermuda’s Blue Prosperity Plan is gathering steam as the nation works to fulfil its own needs as well as those outlined in the global 30 by 30 target signed at the UN’s Convention on Biodiversity in December 2022. By maximising the conservation and protection of our lands and oceans, we can develop opportunities for sustainable economic growth focused primarily on the environment. Bermuda’s Blue Prosperity Plan will build a strong blue economy that can serve as a blueprint for countries within the Caribbean. Green hydrogen continues to be a close yet elusive target for lawmakers in the Caribbean and the world at large. Investments have been made in Latin America’s hydrogen infrastructure, highlighting the increasing demand for this renewable fuel. Being able to master the production of green hydrogen could be a boon for operators – and the Caribbean Single Energy Export Market continues to gain traction as a viable opportunity for the region to develop a strong low-carbon economy. Keep an eye on further developments at the Caribbean Renewable Energy Forum and throughout the year.

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    New Guam-based think tank, UOG’s MARC form partnership
    Green Finance & EconomyFebruary 12, 2023

    New Guam-based think tank, UOG’s MARC form partnership

    A new Guam-based think tank led by former congressman Robert Underwood has partnered with the University of Guam’s Richard Flores Taitano Micronesian Area Research Center to promote independent research on geopolitical developments in Micronesia and the Pacific. On its [website](https://pacificcenterforislandsecurity.com/colibri-wp/about-us/#who-we-are), Pacific Center for Island Security calls itself an “action-oriented research institute” that “aims to ensure that islands and islanders themselves have a voice amongst the cacophony that is geopolitical posturing.”

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    Portugal agrees to swap Cape Verde’s debt for environmental investment
    Green Finance & EconomyFebruary 2, 2023

    Portugal agrees to swap Cape Verde’s debt for environmental investment

    **Portugal has signed an agreement to swap Cape Verde’s debt for investments in an environmental and climate fund that is being established by the archipelago nation off West Africa’s coast, Portuguese Prime Minister Antonio Costa said on Monday.** Such “debt-for-nature” swap deals are emerging in other countries and are part of attempts to resolve a dilemma faced by world leaders on how and who will foot the bill for actions taken to reduce the impact of climate change. The former Portuguese colony, which is already suffering from rising sea levels and significant biodiversity loss due to increasing ocean acidity, owes around 140 million euros ($152m) to the Portuguese state and over €400m ($434m) to its banks and other entities. Costa said that initially, €12m ($12m) of debt repayments to the state scheduled until 2025 will be put in the fund, and ultimately “the entire amount of debt repayments” will end up there, allowing Cape Verde to invest in energy transition and the fight against climate change.

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    The Andaman and Nicobar Islands need development
    Green Finance & EconomyJanuary 19, 2023

    The Andaman and Nicobar Islands need development

    The Andaman and Nicobar islands are one of India’s key assets both in terms of strategic location and natural bounties. So far, we have endeavoured to preserve the islands through a policy of protectionism that is articulated through environmental restrictions and regulation of their societal and economic affairs. This policy has worked well to preserve the pristine nature of the islands as well as its avowedly nationalist citizens in a state of equilibrium. However, times have changed, and in step with the rest of the country, people of the islands now aspire to benefit from the government’s development initiatives. The islands, being located close to South-East Asia, have the potential to strengthen India’s Look East-Act East policy. The Andaman and Nicobar Islands constitute just 0.2 per cent of India’s landmass but account for 30 per cent of the country’s 200-nautical-mile Exclusive Economic Zone (EEZ). The past decade has seen the arrival of new technologies which make it possible to harmonise progress with nature. This period also witnessed the rising geo-strategic importance of the islands. All-round progress of the islands is, therefore, a desirable goal. I have travelled extensively all over the islands, visiting even the remotest areas. In my understanding, the Andaman and Nicobar Islands have four centres of gravity: the strategic nature of the islands, the people and their aspirations, the environment, and the original inhabitants, particularly the vulnerable tribes. If all these four centres are in harmony, nobody can stop the islands’ progress. So, let’s examine each of these aspects, their current status, and desirable future. The Andaman and Nicobar islands, which stretch over 750 km in the Bay of Bengal, give India a tremendous reach. They give India a commanding position over the Sea Lines of Communication (SLOCs) and the considerable traffic that flows to and fro between the Indian and Pacific Oceans through the Malacca Strait.

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    World Bank Gives Barbados $100M for Green, Resilient Recovery
    Green Finance & EconomyJanuary 12, 2023

    World Bank Gives Barbados $100M for Green, Resilient Recovery

    The World Bank approved yesterday US$100 million in financing to support Barbados’ low carbon economic development and resilience to climate change. “I cannot underscore enough the necessity of support, such as this, to middle income small island developing states,” said The Honorable Mia Mottley, Prime Minister of Barbados. “This loan allows Barbados to advance its efforts to achieve climate resilience, including continuing our shift to clean energy. This ultimately allows us to better shield Barbadians from the worst excesses of the climate crisis while creating opportunities for green and blue jobs and investment as we adapt to our new reality.” The Barbados Green and Resilient Recovery Development Policy Loan has two main pillars. The first focuses on green and blue resilient development, which includes a new law on water reuse, the adoption of a climate change and agriculture policy and the establishment of an Environmental Sustainability Fund, all of which are critical since Barbados is a water stressed country. This pillar also supports the reduction of marine pollution, and management of natural resources, in the context of climate vulnerability.

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    IRIS Call for Proposals 2022-2023
    Green Finance & EconomyJanuary 12, 2023

    IRIS Call for Proposals 2022-2023

    The first funding cycle of IRIS, formally announced at COP27, aims to equip relevant government agencies in SIDS with needed technical support and knowledge products related to infrastructure resilience. Funded activities will enhance informed decision-making, locally relevant technical knowledge and fit-for-purpose processes and tools for resilient infrastructure in SIDS. In line with IRIS outcomes, the proposed actions for this call for proposals are expected to contribute to one or more of the following: The call for proposal is open to all Small Island Developing States’ national government ministries or agencies with a mandate in disaster/climate resilience and/or infrastructure planning, financing or implementation (one or more sectors). This is in line with the CDRI charter, where the guiding principle is to focus on the most vulnerable regions and populations. The funding for a single country project can range from **$150,000 to $500,000** and a regional multi-country project (at least 3 SIDS) can range up to **$750,000**. The due date for submitting the Expression of Interest (EoI) application is **15 February 2023**. The call for proposal is open to all Small Island Developing States’ national government ministries or agencies with a mandate in disaster/climate resilience and/or infrastructure planning, financing or implementation (one or more sectors). This is in line with the CDRI charter, where the guiding principle is to focus on the most vulnerable regions and populations. The funding for a single country project can range from **$150,000 to $500,000** and a regional multi-country project (at least 3 SIDS) can range up to **$750,000**. The due date for submitting the Expression of Interest (EoI) application is **15 February 2023**.

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