Republic Bank sets aside US$200M to fight climate change

The Republic Group has signaled its intention to lend and invest USD$200 million by 2025 to support actions that would help achieve major Climate Finance Goals. These goals will be achieved by activities which include the lending and investment for loans that enable the sale of electric and hybrid cars, loans that are aligned to the promotion of clean fuels, renewable energy and technology, that contribute to an improvement in energy efficiency and construction loans that deploy climate-resilient technologies.

This comes as the Group rolls out its objectives as a signatory to UN’s Principles of Responsible Banking and the Net-Zero Banking Alliance, the bank said in a statement. The Group had previously announced that capital will be directed to the preservation of the environment, supporting renewable energy and green initiatives and bolstering the blue economy.

According to the Group’s President and CEO, Nigel Baptiste, “Since signing the Principles of Responsible Banking, we have been working behind the scenes to implement several impactful and measurable initiatives, all aimed at supporting UN’s Sustainable Development Goals (SDGs).”

He added, “Given the negative impact of climate change on the Caribbean and our dependence on fossil fuels, we have identified Sustainable Development Goal 7 (Affordable and Clean Energy) and Sustainable Development Goal 13 (Climate Action) as priority goals for Republic Group and we believe that through our climate finance lending and investment packages, we will be on a path to a cleaner, greener and more sustainable future.”