Barbados has taken center stage at COP29, held in Baku, by unveiling its Investment Plan for Prosperity and Resilience—a transformative strategy aimed at enhancing the island’s quality of life while positioning it as a global leader in climate-positive innovation.
This ambitious roadmap highlights $11.6 billion in investment opportunities across sectors such as the blue economy, housing, renewable energy, and pharmaceuticals. The plan provides a detailed blueprint of Barbados’ national priorities, breaking down the funding needs and types of capital required for its execution.
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Building a Resilient Future: Jobs, Growth, and Preparedness
The benefits of this investment strategy are profound. If successfully implemented, it is projected to inject an additional $1 billion into Barbados’ GDP, generate 10,000 quality jobs, and significantly mitigate the devastating costs of climate-related disasters. After a summer marked by hurricanes Beryl and Helene, bolstering resilient infrastructure has become an urgent priority for the island.
Prime Minister Mia Amor Mottley underscored the urgency of the initiative, stating:
“The climate crisis is our biggest threat. But in crisis, there is also opportunity. Investing now to adapt to the climate crisis not only fosters resilience but also unlocks huge potential for economic growth and job creation.”
A Call for Global Partnerships
Senator Dr. Shantal Munro-Knight, Minister for Climate Resilience, highlighted the collaborative spirit behind the plan:
“This is about building a vibrant economy and resilient communities. We need partners who understand the urgency and who are ready to mobilize resources to make this vision a reality. Barbados is demonstrating true leadership by providing a clear roadmap for achieving resilience.”
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The plan’s 12 priority areas are designed to reshape Barbados’ socio-economic and environmental landscape by 2035. Key targets include:
- Achieving 100% renewable energy generation.
- Ensuring 85% of housing stock and critical infrastructure can withstand Category 3 hurricanes or higher.
- Scaling up the water sector and coastal infrastructure.
- Transitioning tourism to a more sustainable model.
Tackling Financial Barriers
The issue of financing adaptation projects has been a hot topic at COP29. Dr. Pepukaye Bardouille, director for the Bridgetown Initiative, emphasized the need for systemic change in global financing:
“This plan is a testament to country-led resilience agendas. But for it to succeed, the global financial system must step up and deliver the resources needed.”
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Similarly, Colombia’s Minister of Environment, Susana Muhamad, joined the conversation, drawing parallels to her country’s challenges:
“It’s more profitable to destroy natural resources than to preserve them under the current system. Barbados’ initiative shows we need a financial revolution to fund green transitions fairly and effectively.”
A Vision for Regional Leadership
Beyond its borders, Barbados aims to become a major logistics and transshipment hub, supporting resilience across the Eastern and Southern Caribbean. The plan also addresses regional challenges, positioning the island as a pioneer for climate-smart infrastructure and sustainable industries.
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