The Caribbean Development Bank (CDB) has secured a significant upgrade to its accreditation from the Green Climate Fund (GCF).

This upgrade will enable the bank to develop and deliver individual climate programmes and projects valued at as much as US$250 million, up from the previous limit of US$50 million. This substantial increase will enable the CDB to implement larger, more impactful climate response initiatives in partnership with the GCF.

The GCF approved the upgrade on October 21, 2024, during its 40th Board Meeting in Songdo, Incheon, Republic of Korea. The new threshold will enable CDB to boost concessional climate finance for the Caribbean, accelerating climate action in the region. 

Expanded financing capacity 

The expanded financing capacity also allows CDB to help its client countries develop larger climate change adaptation and mitigation projects, particularly in capital-intensive sectors. Additionally, the CBD is now better positioned to support regional programmes, broadening its reach and achieving economies of scale.

CDB’s Acting Director of Projects, L O’Reilly Lewis, explains, “This is a pivotal achievement for the Bank and the wider Caribbean region. Enhancing access to and scaling up climate finance is critical for our client countries as they face increasingly urgent climate challenges.”

With this upgraded accreditation, CDB is now better equipped to drive large-scale, impactful projects that will make a meaningful difference in the region’s climate resilience and sustainable development efforts.

CDB’s Division Chief, Environmental Sustainability, Valerie Isaac says, “This approval reflects a vote of confidence in 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. We are grateful to the GCF Secretariat, Accreditation Panel, and Board for the upgraded accreditation scope, and we look forward to working with our client countries and GCF counterparts to accelerate climate action for the Caribbean.”