Yesterday in Nassau, The Bahamas, Vice President Kamala Harris highlighted more than $100 million, including $98 million in new funding from the United States Agency for International Development (USAID), to address climate, energy, food security, and humanitarian assistance in the Caribbean. During her trip, the Vice President co-hosted the U.S.-Caribbean Leaders Meeting, alongside Prime Minister Philip Davis of The Bahamas, current chair of the Caribbean Commu-nity, building on her meeting with Caribbean leaders in June 2022 at the Summit of the Americas in Los Angeles.
Transitioning to Renewable Energy and Addressing Climate Change Impacts in the Caribbean
To support the region’s transition to renewable energy and increase energy efficiency, working with Congress and subject to the availability of funds, USAID intends to provide $20 million in funding to companies with financial and technical assistance and business development services through the Caribbean Climate Investment Program. This programming will also support the establishment of the Blue-Green Investment Corporation in partnership with the Government of Barbados, the Green Climate Fund, and private sector investors. With an estimated initial capitalization of $30 million by non-U.S. government partners, this public-private “green bank” is expected to unlock up to $210 million over three years to finance projects such as climate resilient housing, renewable energy, clean transportation, and water conservation firstly in Barbados, and later expanding to other Caribbean countries, including those in the Eastern and Southern Caribbean.
