ECCB Steps-Up Climate Action with Greening Financial System Initiatives
23 May 2025, Basseterre, Saint Christopher (St Kitts) and Nevis – The Eastern Caribbean Central Bank (ECCB) is pleased to announce the signing of a Memorandum of Understanding (MOU) with the Agence Française de Développement (AFD) to integrate climate-related financial risks into the Eastern Caribbean Currency Union’s regulatory systems; and overall risk management of the financial sector.
This initiative, is part of the Greening the Caribbean Financial System programme and is financed by the European Union and managed by AFD. This MOU will drive phase II of the programme. Phase I lasted 18 months during 2023 and 2024, and resulted in a diagnostic study on risks exposure in the financial sector and awareness sessions for the regulators, financial institutions and other industry stakeholders.
With a €500,000 technical assistance grant, AFD will help the ECCB, national regulators and financial institutions across the Currency Union to:
- Integrate climate-related financial risks into their credit risk models, due diligence processes, regulatory and supervisory frameworks;
- Build capacity through peer exchanges and training; and
- Ramp-up green investments and finance more private-sector-led low-carbon development
Ultimately, the region needs to move beyond ambition to achieve climate resilience. To do this, the capacity of financial institutions must be strengthened so they can step-up to better manage the region’s exposure to increasing climate and nature-related risks, innovate and drive private capital to finance sustainability business models.
The ECCB’s Greening the Financial System initiative is a major step forward in the Bank’s commitment to building climate change resilience, financial and economic sustainability across the region. The multi-year programme involves regional solutions for scaling green finance, renewable energy development and managing climate risk.
- 30 -
About the Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank (ECCB) was established in October 1983. The ECCB is the Monetary Authority for: Anguilla,
Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat,
Saint Christopher (St Kitts) and Nevis, Saint Lucia and Saint Vincent and the Grenadines.
Media Contact: Shermalon Kirby, Director, Corporate Relations Department
Phone: (869) 465-2537 | Mobile: (869) 662-2561
E-mail: info@eccb-centralbank.org
We invite you to connect with us and learn more about our service
Visit our Website: https://www.eccb-centralbank.org/
Follow us on Facebook: https://www.facebook.com/ECCBConnects
Subscribe to our YouTube channel: https://www.youtube.com/@eccbconnects2295
Connect with us on LinkedIn: https://www.linkedin.com/company/eccbconnects/
