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41-810: The permanent headquarters of the CDB is located in Wildey, St. Michael, Barbados, adjacent to the campus of the Samuel Jackman Prescod Polytechnic . On September 21, 2018, the Bank officially opened its Country Office in Haiti, the first outside its Headquarters in Barbados. The headquarters in Barbados serves all of the regional borrowing member countries, with staff recruited from its member states. The CDB's membership consists of 28 countries, including: As of December 31, 2021,

82-583: A change in government. The merger was delayed while emphasis was placed on sharing services. The project team was converted into the Higher Education Development Unit, which was mandated to develop shared resources in the areas of accounting, student information systems, library services, and online learning. The amalgamation of the three institutions has been revisited in 2024 as part of the Barbados government's education transformation process. The institutions are working assiduously to bring

123-572: A teachers' college and a community college; Dominica State College , which merged a Sixth form college , a teachers' training college and a nursing institute; and the Sir Arthur Lewis Community College , which merged the pre-existing teachers' college. As a multi-disciplinary community college, the Barbados Community is unusual in not having developed from merging predecessor institutions. The general election of 2008 led to

164-806: Is intended that the Green Climate Fund be the centrepiece of efforts to raise climate finance under the UNFCCC. There are four other, smaller multilateral climate funds for paying out money in climate finance which are coordinated by the UNFCCC. These include the Adaptation Fund (AF), the Least Developed Countries Fund (LDCF), the Special Climate Change Fund (SCCF) and the Global Environment Facility (GEF). The GCF

205-641: Is located near University Row, Deep Water Harbour, in Bridgetown. In 1972, the Barbados Technical Institute further merged with the Polytechnic branches, in Richmond and Grazettes Industrial Park. The school continued to unveil better prospects, and in 1975, it further expanded to emphasize technical and vocational training. The institute's original title was Samuel Jackman Prescod Polytechnic (SJPP) and

246-660: Is no strict definition of this term, which has already led to serious problems in evaluating the additionality of emission reductions through CDM projects , leading to counter-productivity, and even fraud . While climate finance usually only counts pledges from developed countries, the US$ 10.3 billion pledged to the GCF also includes some (relatively small) contributions from developing countries. At its board meeting in South Korea held in March 2015,

287-558: Is put towards climate action . The Fund's former director Héla Cheikhrouhou has complained in 2016 that the Fund is backing too many "business-as-usual types of investment proposals". This view is echoed by a number of civil society organizations. In 2023, the Executive Director announced a series of reforms aimed at making the Fund more efficient and positioned to deliver greater impact. Wealthier, industrialized countries have been

328-640: Is represented by one director and one alternate. Directors serve renewable two-year terms. The President is the chief executive officer of the CDB, and also serves as the Chairman of the Board of Directors. Different offices for communication, risk management, and compliance are part of the Office of the President. Presidential candidates are nominated by individual country members. A candidate must receive votes from two-thirds of

369-492: Is the largest of these five funds. As of Dec 2023, the GCF had a portfolio of 13.5 billion USD (51.9 billion USD including co-financing). The process of designing the GCF has raised several issues. These include ongoing questions on how funds will be raised, the role of the private sector, the level of "country ownership" of resources, and the transparency of the Board itself. Also, this additional international climate institution might further fragment taxpayer's money that

410-557: Is to assist developing countries with climate change adaptation and mitigation activities. The GCF is an operating entity of the financial mechanism of the UNFCCC. It is based in Songdo , Incheon , South Korea. It is governed by a Board of 24 members and supported by a Secretariat. Mafalda Duarte , a Portuguese development economist, is the Fund's Executive Director. The Green Climate Fund supports projects and other activities in developing countries using thematic funding windows . It

451-510: The Erdiston Teachers' Training College to form the new University College of Barbados. A major cause for this proposal was capacity issues among the three institutions. In the 2000-2001 academic year, 13,282 people applied to the three institutions. Only 4,504 were accepted. A project team from the Ministry of Education led to a proposal for the unification. The business plan indicated that

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492-488: The UNFCCC . These are the Green Climate Fund (GCF), the Adaptation Fund (AF), the Least Developed Countries Fund (LDCF), the Special Climate Change Fund (SCCF) and the Global Environment Facility (GEF). The GCF is the largest of these five funds. Countries agreed to mobilise $ 100 billion a year by 2020 in climate finance, some of which has been mobilised through the GCF. Uncertainty over where this money would come from led to

533-596: The World Bank was chosen as the temporary trustee. To develop a design for the functioning of the GCF, the "Transitional Committee for the Green Climate Fund" was established in Cancun too. The committee met four times throughout the year 2011, and submitted a report to the 17th COP in Durban, South Africa. Based on this report, the COP decided that the "GCF would become an operating entity of

574-558: The countries responsible for most greenhouse gas emissions. As a consequence, it has been argued that these countries are morally responsible to pay for a lion's share of the cost of climate mitigation worldwide, including costs of the transition of less developed and least developed countries . A number of civil society groups determined that the United States and the European Union are morally responsible for at least 54% of

615-481: The "Copenhagen Green Climate Fund". The fund was formally established during the 2010 United Nations Climate Change Conference in Cancun as a fund within the UNFCCC framework. Its governing instrument was adopted at the 2011 United Nations Climate Change Conference (COP 17) in Durban, South Africa . During COP-16 in Cancun, the matter of governing the GCF was entrusted to the newly founded Green Climate Fund Board, and

656-535: The Board of Governors (representing 75% of the member countries) in order to be selected. The President serves for a five-year term, with the possibility of re-election. The two corporate leaders that report to the boards are the Vice-President (Corporate Services) and Bank Secretary, and the Vice-President (Operations). As of 2023, there are nineteen borrowing members and nine non-borrowing members. The United Nations launched Development Business in 1978 with

697-438: The CDB experienced a credit downgrade due to weaknesses in the banks credit profile. The downgrade reflected concerns about the deteriorating financial conditions of its borrowing member countries, this posed risks the banks ability to finance loans effectively. There were also inefficiencies in CDB's risk management practices which prompted the bank to adopt a Enterprise Risk Management framework to address these issues. This design

738-478: The CDB's total assets stood at US$ 3.71 billion, which included US$ 2.21 billion of Ordinary Capital Resources and US$ 1.50 billion of Special Funds Resources. The Bank holds a high credit rating from international agencies: In 2021, the Bank approved US$ 269.5 million in loans and grants. At the end of 2020, the total value approved projects by the bank was US$ 122.6 million, including US$ 71.2 million in loans and US$ 51.4 million in grants. The Caribbean Development Bank

779-450: The Fund will ultimately use a broad range of financial instruments. However, several developing countries and non-governmental organizations have suggested that the PSF should focus on "pro-poor climate finance" that addresses the difficulties faced by micro-, small-, and medium-sized enterprises in developing countries. This emphasis on encouraging the domestic private sector is also written into

820-828: The GCF Board was tasked with developing rules and procedures for the disbursement of funds, ensuring that these should be consistent with the national objectives of the countries where projects and programmes will be taking place. The GCF Board was also charged with establishing an independent secretariat and the permanent trustee of the GCF. The fund partners with 84 organizations that include commercial and development banks , state agencies and civil society groups, which pilot and execute innovative approaches to climate programs. There are other multilateral climate funds (i.e. governed by multiple national governments) which are important for paying out money in climate finance . As of 2022, there are five multilateral climate funds coordinated by

861-572: The GCF has raised several issues. These include ongoing questions on how funds will be raised, the role of the private sector, the level of "country ownership" of resources, and the transparency of the Board itself. In addition, questions have been raised about the need for yet another new international climate institution which may further fragment public dollars that are put toward mitigation and adaptation annually. The Fund's initial investments have met with mixed responses. But in at least one case it also drew praise for involving local communities in

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902-465: The GCF refused an explicit ban on fossil fuel projects, effectively allowing for the funding of coal plants. Japan, China, and Saudi Arabia opposed the ban. The Fund's former director Héla Cheikhrouhou has complained that the Fund is backing too many "business-as-usual types of investment proposals", a view echoed by a number of civil society organizations. The Fund is also pledged to offer "balanced" support to adaptation and mitigation, although there

943-412: The GCF's Governing Instrument, its founding document. The Cancun agreements clearly specify that the funds provided to the developing countries as climate finance, including through the GCF, should be "new" and "additional" to existing development aid. The condition of funds having to be new means that pledges should come on top of those made in previous years. As far as additionality is concerned, there

984-596: The Inter-American Development Bank and the World Bank . Samuel Jackman Prescod Institute of Technology The Samuel Jackman Prescod Institute of Technology is a technical and vocational educational institution located in Pine Hill, Bridgetown , Barbados . The Samuel Jackman Prescod Institute of Technology (SJPI) laid its foundation in 1969 at the SJP Polytechnic. The institute's building

1025-614: The US to contributing US$ 3 billion to the fund. In January 2017, in his final three days in office, Obama initiated the transfer of a second $ 500m installment to the fund, leaving $ 2 billion owing. Former U.S. President Donald Trump in his announcement of U.S. withdrawal from the Paris Agreement on 1 June 2017, also criticized the Green Climate Fund, calling it a scheme to redistribute wealth from rich to poor countries. (as of July 2023) ($ million, as of July 2023) The process of designing

1066-608: The United Kingdom and Canada contributing 10,000,000 USD each with 17.55% of votes in bank. The bank was created with the purpose of promoting sustainable economic growth and reducing poverty in the region, aligning with Arthur Lewis's vision of economic development. During the first meeting of governors in Nassau, Lewis, who was an economist, was appointed the first president of the Caribbean Development Bank. His leadership

1107-499: The bank gain legitimacy and credibility. The Bank has had six presidents since its inception. The Board of Governors is the apex governing body of the CDB. It meets annually and has the authority to: Each country is represented by one governor and one alternate, with the British Overseas Territory members counted as one country. The Board of Directors is responsible for: As with the Board of Governors, each country

1148-570: The cost of mitigating climate change-driven disaster damage in the Global South . Others have argued that wealthier countries should help finance the transition of less developed and least developed countries because the former can more realistically afford the substantial investment now urgently needed for the transition. The Copenhagen Accord , established during the 2009 United Nations Climate Change Conference ( COP-15 ) in Copenhagen mentioned

1189-591: The creation of a High Level Advisory Group on Climate Financing (AGF) by UN Secretary-General Ban Ki-moon in February 2010. There is no formal connection between AGF and GCF, although its report is one source for debates on "resource mobilisation" for the GCF, an item that will be discussed at the GCF October 2013 Board meeting. Disputes also remain as to whether the funding target will be based on public sources, or whether "leveraged" private finance will be counted towards

1230-540: The financial decisions of the bank. He also ensured there would be efficient administration and a focus on the Caribbean states to become a key financial instrument for the countries that lacked access to international financial institutions. Lewis also played a key role in building strong relationships with other international organizations like the Inter-American Development Bank (IDB) and USAID that helped

1271-477: The financial mechanism" of the UNFCCC, and that on COP-18 in 2012, the necessary rules should be adopted to ensure that the GCF "is accountable to and functions under the guidance of the COP". Researchers at the Overseas Development Institute state that without this last minute agreement on a governing instrument for the GCF, the "African COP" would have been considered a failure. Furthermore,

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1312-524: The formulation of an adaptation project, and for incorporating consumer protection into a plan for off-grid solar energy. One of the most controversial aspects of the GCF concerns the creation of the Fund's Private Sector Facility (PSF). Many of the developed countries represented on the GCF board advocate a PSF that appeals to capital markets, in particular the pension funds and other institutional investors that control trillions of dollars that pass through Wall Street and other financial centers. They hope that

1353-418: The merger would increase access, respond in a proactive manner to the demand for existing programs, improve obsolete and deteriorating facilities, and upgrade programs, curricula and services. The following table shows the enrollment and annual budget (2003): The concept of merging the institutions resembles initiatives in other West Indian countries. Other examples include Antigua State College , which merged

1394-500: The project to fruition. 13°05′44″N 59°34′42″W  /  13.09566°N 59.57835°W  / 13.09566; -59.57835 Green Climate Fund The Green Climate Fund ( GCF ) is a fund for climate finance that was established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC). Considered the world's largest fund of its kind, GCF's objective

1435-479: The support of the Caribbean Development Bank, the World Bank , and many other major development banks from around the world. Today, Development Business is the primary publication for all major multilateral development banks, United Nations agencies, and several national governments, many of whom have made the publication of their tenders and contracts in Development Business a mandatory requirement. In 2012,

1476-521: The total. As of February 2020, a total of US$ 10.3 billion was pledged and US$ 8.24 billion confirmed, as part of the Initial Resource Mobilization (IRM) period. As of Dec 2023, the GCF had a portfolio of 13.5 billion USD (51.9 billion USD including co-financing).   The lack of pledged funds and potential reliance on the private sector is controversial and has been criticized by developing countries. U.S. President Obama committed

1517-550: The world, some from as far away as Namibia . During the 2015-2016 academic year, SJPP enrolled 1,644 males and 851 females, for a total of 2,495 students. SJPI is registered, but not accredited, by the Barbados Accreditation Council. In 2002, the government of Barbados announced that it intended to merge the Barbados Community College with the then-named Samuel Jackman Prescod Polytechnic and

1558-457: Was essential to establishing the bank's operations, emphasizing the importance of financial discipline and efficiency in development through agriculture and infrastructure projects. At this time, the bank aimed to reduce economic disparities among its member states by using soft loans to finance public works and agricultural development in the less developed states. Lewis set the CDB's independence up by retaliating against political interference in

1599-760: Was established by an agreement between sixteen members of the Commonwealth of Nations in the Caribbean region, along with Canada and the United Kingdom . Signed on October 18, 1969, in Kingston , Jamaica , the Agreement entered into force on January 26, 1970 when 15 of the 18 signing states ratified it. The bank's initial capital was 50 million USD, equivalent to 100 million Eastern Caribbean dollar , with main contributions from Jamaica (11,200,000 USD and 19.52% of votes), and

1640-505: Was meant strengthen the bank's governance, risk management, and operational processes, ensuring better oversight, accountability, and financial stability. The CDB collaborates with distinct institutions like the Green Climate Fund to promote sustainable development and climate resilience across the region. The bank also facilitates soft loans and technical assistance for its smaller member states by working closely with partners like

1681-616: Was renamed on October 19, 2017. SJPI offers various programs and providing certificates of completion or diplomas: Students study full-time or part-time through distance learning or continuing education. SJPI first considered distance learning options in the early 2000s, having already established four continuing education centers at existing schools. Approximately 3,000 people apply annually to SJPI, which accepts roughly 50%. Capacity constraints, may force applicants to be turned away even if they meet admissions standards. Many applicants are nationals of other Caribbean countries and from around

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