Trinidad and Tobago

EcoMicro – Green Finance to Build Climate Resilience of Low-Income Households in Trinidad and Tobago

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Country
Trinidad & Tobago

Local project partners
Central Finance Facility,
Teachers Credit Union,
Venture Credit Union,
PECU

German project partner
--

Donor
Inter-American Development Bank

Duration
20.05.2022 - 04.10.2024


Trinidad and Tobago is a small, open, hydrocarbon-dependent economy whose economic growth and development performance has been shaped by global energy prices and the life cycle of the oil and gas industry. The negative effects of climate change pose a potentially existential threat. As an island nation with a peak altitude of just 83 meters, or 272 feet, above sea level, Trinidad and Tobago is especially vulnerable to rising sea levels and coastal erosion, leaving citizens vulnerable to increased flooding and other extreme weather events. Moreover, Trinidad and Tobago’s high consumption of polluting fossil fuels also makes it a significant contributor to climate change relative to its population. Under these circumstances, facilitating green finance as a means to increase access to RE/EE products, and to assist in adaptation to climate change becomes a key opportunity to promote sustainable recovery and resilience of the country. This is particularly relevant for MSMEs and low-income households who are among the hardest hit by the COVID-19-pandemic.

The objective of the project is to build climate resilience of MSMEs and low-Income households in Trinidad and Tobago, through new green finance that enables the acquisition of RE/EE, adaptation, and other low-consumption technologies. This will be achieved through the development of green finance products that will support access to: (i) RE/EE technologies (mitigation finance), and (ii) adaptation technologies/measures (adaptation finance) for both the MSME and housing sectors.

Tasks:

1. Design and piloting of a Green Finance Product(s)
2. Analysis of the vulnerability of the loan portfolio of CFF and its 3 participating member CUs to climate change and development of related technology-based risk assessment tool(s)
3. Development and implementation of internal policies for energy savings
4. Knowledge Management and Communications

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