• GFANZ launches Caribbean Chapter as an extension of the GFANZ Latin America and Caribbean Network
• The Chapter will work to drive capital mobilization, support Caribbean financial institutions with capacity building, and build relationships with policymakers and governments across the region

Bridgetown, Barbados, March 13, 2025 – Today, the Glasgow Financial Alliance for Net Zero (GFANZ) launched its Caribbean Chapter at the Sustainable Energy for All Global Forum. GFANZ brings together financial institutions to mobilize private capital to support the global transition. The Caribbean Chapter, an extension of GFANZ’s Latin America and Caribbean Network, will focus on addressing local barriers to increasing investment in the region.

The Chapter will engage with key partners including multilateral development banks to identify high-potential projects where private finance can drive growth and decarbonization. A key focus will be strengthening the project pipeline by connecting local projects and financiers with technical assistance and project preparation support, increasing the flow of international private finance.

The Chapter will also support capacity building for Caribbean financial institutions, helping them strengthen practices around risk management, transition planning, and disclosures. In collaboration with local and global initiatives like the Global Capacity Building Coalition, it will help convene local financial institutions through workshops and events. Additionally, it will work with regional partners such as the Caribbean Climate-Smart Accelerator to connect project developers, policymakers, and governments and create a network of engaged stakeholders. This collaboration will help identify local priorities, financing barriers, and solutions to drive investment in the region to support sustainable development and resilience.

With its rich biodiversity, including rainforests, coral reefs, and mangroves, the Caribbean is well-positioned to drive capital mobilization initiatives for adaptation, resilience, and nature-based solutions that can help set an example for other regions. Investing in coastal protection, renewable energy, and climate-resilient infrastructure presents a unique opportunity to strengthen natural ecosystems, mitigate the effects of rising sea levels, and drive economic growth, ensuring long-term sustainability for the region.

The Caribbean Chapter will be supported by the GFANZ global secretariat and led by the GFANZ Caribbean Chapter Director, in close collaboration with the GFANZ Latin America and Caribbean Network. A consultative group of leading finance professionals and climate experts from the Caribbean will help shape the Chapter’s priorities and workplan and provide strategic guidance to ensure its activities effectively address regional needs.

In its first year, the Caribbean Chapter consultative group will be chaired by Racquel Moses, CEO of the Caribbean Climate-Smart Accelerator and GFANZ LAC Advisory Board member. At launch, its members include CAF – Development Bank of Latin America and the Caribbean, the Caribbean Development Bank, the Eastern Caribbean Central Bank, and Republic Financial Holdings.

The Caribbean Chapter builds on GFANZ’s global presence, following the establishment of regional networks in Latin America and the Caribbean, Africa, and Asia-Pacific and supporting Chapters in Hong Kong, Japan, and Brazil. These networks ensure that regional expertise and perspectives are integrated into GFANZ’s work, helping drive locally tailored solutions that make financing the transition a priority worldwide.

Michael R. Bloomberg, GFANZ Chair and UN Special Envoy on Climate Ambition and Solutions, said, “The Caribbean region faces growing risks from rising sea levels, worsening storms, and other extreme weather. At the same time, the region is rich in untapped solar and wind power and in natural defenses that can help to mitigate the effects of climate change. This new GFANZ chapter builds on our existing work in the region to eliminate barriers to investment, support collaboration, and spur economic growth.”

Mary Schapiro, Vice Chair of GFANZ, said, “The launch of the GFANZ Caribbean Chapter marks an important step in our efforts to mobilize finance across the region. The chapter will work to unlock the capital needed to scale nature-based solutions, clean energy, and adaptation – which are critical to the region’s resilience and economic growth. By strengthening the capacity of local financial institutions, fostering strategic partnerships, and connecting Caribbean projects with global finance, we can drive meaningful progress in the region.”

Patricia Espinosa, Chair of the GFANZ Latin America & Caribbean Advisory, said, “The launch of the Caribbean Chapter is a timely response to the specific needs of this region within the work of the GFANZ Latin America & Caribbean Network. The Chapter will enhance capacity building and project pipeline development by fostering partnerships with local financial institutions, policymakers, and multilateral development banks. This will help to overcome investment barriers and strengthen capital mobilization in a way that is more responsive to Caribbean countries’ unique challenges and opportunities as they develop more resilient and prosperous economies.”

Racquel Moses, Chair/Advisor of the GFANZ Caribbean Chapter, said, “The launch of the GFANZ Caribbean Chapter marks a significant milestone for our region. Our greatest challenge is financing the transition, but by fostering strategic collaborations to unlock our potential, we are paving the way for sustainable development and resilience. This initiative will drive economic growth while addressing the urgent challenges posed by climate change.”

Daniel Best, President, Caribbean Development Bank, said, “The establishment of the GFANZ Caribbean Chapter is a testament to the importance of the region to addressing emission reductions and the economic opportunities it presents. By mobilizing private capital and enhancing the capacity of our financial institutions, we can create a robust pipeline of projects that will drive economic growth and resilience. This collaboration will be instrumental in overcoming the barriers to investment and ensuring a prosperous future for the Caribbean.”

Nigel Baptiste, Group President and Chief Executive Officer of Republic Financial Holdings Limited, said, “The launch of the GFANZ Caribbean Chapter is a critical step in mobilizing the resources needed to support the region’s climate resilience. By fostering collaboration between financial institutions, policymakers, and project developers, we can unlock the potential of the Caribbean’s natural assets and drive sustainable development. We look forward to working with the Chapter to bring new opportunities and resources to the region.”

Timothy NJ Antoine, Governor of the Eastern Caribbean Central Bank, said, “The launch of the GFANZ Caribbean Chapter is timely as our region accelerates its race for resilience. Keys to building this resilience are partnerships for ramped up resource mobilization, capacity building and project implementation. Our aim is resilient prosperity for the people of the Caribbean.”

Dr. Stacy Richards-Kennedy, Regional Manager for the Caribbean, CAF – Development Bank of Latin America and the Caribbean, said, “The urgency to accelerate development financing for the Caribbean has never been greater, as Small Island Developing States (SIDS) face unprecedented climate and economic challenges. We must, therefore, continue to strengthen partnerships to support the implementation of nature-based solutions and the transition to net zero. As a home-grown development bank serving a region that has 60% of the world’s biodiversity, CAF is committed to advancing this mission with passion and determination, for the sustainable growth of our region and the benefit of future generations.”

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About GFANZ

The Glasgow Financial Alliance for Net Zero (GFANZ) is an independent, private-sector-led initiative focused on mobilizing capital and removing barriers to investment in the global transition.

GFANZ brings together financial sector firms that recognize the opportunity created by the transition – including banks, insurers, asset owners, asset managers, and service providers. It helps drive transition finance and unlock private capital at scale through support for capacity building and the development of innovative financing opportunities and solutions.

A Principals Group composed of CEOs from major firms approves the strategic direction of GFANZ, which is globally active through its Regional Networks in Africa, Asia Pacific, and Latin America & Caribbean, as well as Chapters in Brazil, the Caribbean, Japan, and Hong Kong.

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Media contact: press@gfanzero.com