Barbados Blue Green Bank Act (Act No. 20 of 2024).

The purpose of this Act is to establish a mechanism, functioning with minimal involvement of the Government, to facilitate the financing of clients who are engaged in the development of the blue and green sectors of the economy. This Act lays down provisions on the establishment, functions, funds and Board of Directors of the Barbados Blue Green Bank; restrictions on business activities; conflict of interest; immunity from criminal proceedings of any director in respect of any act done in good faith in the performance or execution or intended execution of his functions under this Act; responsibilities of the Chief Executive Officer of the Bank; employment of public officers; the establishment of committees by the Board; the establishment of Special Account of the Barbados Blue Green Bank; accounts and audit; reporting obligation of the Bank; investment functions of the Bank for projects or programmes in the sustainable green and blue sectors of the economy; the establishment and functions of the Investment Committee; and offences and penalties. The Minister may make regulations generally for giving effect to the provisions of this Act.
Article 7 sets out the functions of the Barbados Blue Green Bank including but not limited to: (i) to invest directly or indirectly in clean energy technologies, such as energy efficient technologies, low-emission technologies or renewable energy technologies; (ii) to invest directly or indirectly in projects designed to promote climate resilience and climate adaptation; (iii) to invest directly and indirectly in sustainable, green and blue projects or instruments that generate revenues; (iv) to stimulate innovation in the financial sector and to mobilise the securities and loan markets; and (v) to enter into partnerships with private parties for the purpose of achieving the Bank's objectives.
Schedule to this Act gives detailed information of the consitution of the Board of Directors of the Barbados Blue Green Bank. The members of the Board shall have substantial experience or expertise and professional credibility and significant standing in at least one of the following fields: banking and finance; venture capital, private equity or investment by way of lending or provision of credit; economics; engineering; energy technologies; government funding programmes or bodies; the environment sector; accountancy; law; climate change; and climate resilience.