As the country moves toward more climate friendly policies, the Green Investment Bank (GIB) is being suggested as a concrete way to proceed.
These banks provide financial intervention that reduces the barriers to entering markets with innovative products such as artificial intelligence or even 3D printing. They also work to “crowd-in” private financing.
Finance and Banking Specialist Dr. Robert Stewart made the case for this type of banking on Friday at the UWI Spotlight series.
Dr. Stewart says the Green Fund would have to change substantially to fit the mould of a Green Investment Bank. He says what GIBs technically do, is attempt to finance bankable projects – projects, he says, that are capable of attracting private finance.
GIBs he says can be profitable and even privately owned as is now found in some developed countries. But transparency would need to be a strong thread in their DNA, to allow for public disclosures and the usual financial rigours such as audits.