{"id":3457,"date":"2024-08-08T21:38:18","date_gmt":"2024-08-08T21:38:18","guid":{"rendered":"https:\/\/sdgnews.com\/?p=3457"},"modified":"2024-08-08T21:38:26","modified_gmt":"2024-08-08T21:38:26","slug":"pegasus-capital-advisors-announces-establishment-of-blue-green-bank-to-enhance-climate-resilience-in-barbados-and-the-caribbean","status":"publish","type":"post","link":"https:\/\/sdgnews.com\/zh\/pegasus-capital-advisors-announces-establishment-of-blue-green-bank-to-enhance-climate-resilience-in-barbados-and-the-caribbean\/","title":{"rendered":"Pegasus Capital Advisors Announces Establishment of Blue Green Bank to Enhance Climate Resilience in Barbados and the Caribbean"},"content":{"rendered":"\n

Pegasus Capital Advisors, a leading global private markets impact investment manager, has announced two major milestones: the passage of the Blue Green Bank Act and the signing of a funding agreement with the Green Climate Fund (GCF)<\/strong><\/a>. These achievements mark significant progress in the establishment of the Blue Green Bank (BGB)<\/strong><\/a>, an innovative finance vehicle aimed at enhancing climate resilience across Barbados and the wider Caribbean.<\/p>\n\n\n\n

A New Financial Mechanism for Climate Resilience<\/h3>\n\n\n\n

The BGB is designed to address the urgent climate needs of small islands like Barbados, which face heightened vulnerability to rising sea levels and intensified weather events due to climate change. Barbados estimates that achieving climate resilience will require approximately USD 2 billion, or 40% of its GDP. The BGB offers a vital financial mechanism to channel investment toward local climate solutions and resilience.<\/p>\n\n\n\n

\u201cWith the establishment and passage of the Blue Green Bank Act, additional flows of critical investment finance can now be channeled through various sectors, especially the energy, agriculture, tourism, social, and the blue and green sectors of the economy to assist creditors and investors, both private and public, in formulating more sustainable finance mechanisms to develop mitigation and adaptation resilient capacities, and to build and strengthen infrastructures through projects that are aligned to national priorities to respond to the very real challenges of climate change,\u201d<\/em> said Senator the Hon. Chad Blackman, LLB, LLM, ACIArb, Minister in the Ministry of Economic Affairs and Investment.<\/strong><\/p>\n\n\n\n

Support and Collaboration<\/h3>\n\n\n\n

Pegasus Capital Advisors has been actively involved in the creation and establishment of the BGB from the beginning and will be involved in its administration and oversight going forward. With support from the U.S. Agency for International Development (USAID), Pegasus Capital has accelerated the BGB\u2019s operationalization, putting it on a faster path to channeling finance toward local climate solutions.<\/p>\n\n\n\n

\u201cThese recent milestones to advance the Blue Green Bank are critical accomplishments that will help us increase climate resilience and economic stability in Barbados and beyond,\u201d<\/em> said Craig Cogut, founder, chairman, and CEO of Pegasus Capital Advisors<\/strong>. \u201cThe BGB will allow us to accelerate, scale, and replicate diverse investment models that deliver impactful change and ensure a sustainable and resilient future in Barbados.\u201d<\/em><\/p>\n\n\n\n

Empowering Climate Action<\/h3>\n\n\n\n

The GCF has played a pivotal role in supporting the establishment of the BGB. \u201cThe Barbados Blue Green Bank is a prime example of how the Green Climate Fund empowers countries to lead climate action. We are proud to partner with Barbados, USAID, Pegasus Capital, and The Rockefeller Foundation to create an institution poised to make a lasting impact on sectors such as energy and resilient housing as Barbados works toward ambitious climate goals, including a target of 100% clean energy by 2030,\u201d<\/em> said Mafalda Duarte, GCF Executive Director<\/strong>.<\/p>\n\n\n\n

Leveraging Global Support<\/h3>\n\n\n\n

The BGB has garnered support from various international organizations and stakeholders. \u201cThis work marks an important step toward reforming global financial systems to provide more support and funding for countries to tackle climate change and pursue sustainable development,\u201d<\/em> said USAID Deputy Administrator Isobel Coleman in her keynote address at the Caribbean Investment Forum<\/strong>. \u201cFunding from USAID, the Government of Barbados, and the Green Climate Fund is expected to leverage up to $210 million in private capital for green assets and climate projects that support the most vulnerable in Barbados and the wider Caribbean region \u2013 serving as a global model for climate-resilient investment.\u201d<\/em><\/p>\n\n\n\n

A Model for the Future<\/h3>\n\n\n\n

Dr. Rajiv J. Shah, President of The Rockefeller Foundation, emphasized the global significance of the BGB<\/strong>. \u201cThe government of Barbados and the Green Climate Fund\u2019s innovation is the sort of people-centered climate solution the world needs today. Much like the Bridgetown Initiative, this bank may have started in Barbados, but it shows the world what\u2019s possible and sets a model for ways to reverse the climate crisis while advancing opportunity especially for vulnerable people.\u201d<\/em><\/p>\n\n\n\t\t

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