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    News

    Curated stories and analysis from islands and sustainability leaders worldwide.

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    Showing 5 of 86 news items in Green Finance & Economy
    New Guam-based think tank, UOG’s MARC form partnership
    Green Finance & EconomyFebruary 12, 2023

    New Guam-based think tank, UOG’s MARC form partnership

    A new Guam-based think tank led by former congressman Robert Underwood has partnered with the University of Guam’s Richard Flores Taitano Micronesian Area Research Center to promote independent research on geopolitical developments in Micronesia and the Pacific. On its [website](https://pacificcenterforislandsecurity.com/colibri-wp/about-us/#who-we-are), Pacific Center for Island Security calls itself an “action-oriented research institute” that “aims to ensure that islands and islanders themselves have a voice amongst the cacophony that is geopolitical posturing.”

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    Portugal agrees to swap Cape Verde’s debt for environmental investment
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    Green Finance & EconomyFebruary 2, 2023

    Portugal agrees to swap Cape Verde’s debt for environmental investment

    **Portugal has signed an agreement to swap Cape Verde’s debt for investments in an environmental and climate fund that is being established by the archipelago nation off West Africa’s coast, Portuguese Prime Minister Antonio Costa said on Monday.** Such “debt-for-nature” swap deals are emerging in other countries and are part of attempts to resolve a dilemma faced by world leaders on how and who will foot the bill for actions taken to reduce the impact of climate change. The former Portuguese colony, which is already suffering from rising sea levels and significant biodiversity loss due to increasing ocean acidity, owes around 140 million euros ($152m) to the Portuguese state and over €400m ($434m) to its banks and other entities. Costa said that initially, €12m ($12m) of debt repayments to the state scheduled until 2025 will be put in the fund, and ultimately “the entire amount of debt repayments” will end up there, allowing Cape Verde to invest in energy transition and the fight against climate change.

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    The Andaman and Nicobar Islands need development
    Green Finance & EconomyJanuary 19, 2023

    The Andaman and Nicobar Islands need development

    The Andaman and Nicobar islands are one of India’s key assets both in terms of strategic location and natural bounties. So far, we have endeavoured to preserve the islands through a policy of protectionism that is articulated through environmental restrictions and regulation of their societal and economic affairs. This policy has worked well to preserve the pristine nature of the islands as well as its avowedly nationalist citizens in a state of equilibrium. However, times have changed, and in step with the rest of the country, people of the islands now aspire to benefit from the government’s development initiatives. The islands, being located close to South-East Asia, have the potential to strengthen India’s Look East-Act East policy. The Andaman and Nicobar Islands constitute just 0.2 per cent of India’s landmass but account for 30 per cent of the country’s 200-nautical-mile Exclusive Economic Zone (EEZ). The past decade has seen the arrival of new technologies which make it possible to harmonise progress with nature. This period also witnessed the rising geo-strategic importance of the islands. All-round progress of the islands is, therefore, a desirable goal. I have travelled extensively all over the islands, visiting even the remotest areas. In my understanding, the Andaman and Nicobar Islands have four centres of gravity: the strategic nature of the islands, the people and their aspirations, the environment, and the original inhabitants, particularly the vulnerable tribes. If all these four centres are in harmony, nobody can stop the islands’ progress. So, let’s examine each of these aspects, their current status, and desirable future. The Andaman and Nicobar islands, which stretch over 750 km in the Bay of Bengal, give India a tremendous reach. They give India a commanding position over the Sea Lines of Communication (SLOCs) and the considerable traffic that flows to and fro between the Indian and Pacific Oceans through the Malacca Strait.

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    IRIS Call for Proposals 2022-2023
    Green Finance & EconomyJanuary 12, 2023

    IRIS Call for Proposals 2022-2023

    The first funding cycle of IRIS, formally announced at COP27, aims to equip relevant government agencies in SIDS with needed technical support and knowledge products related to infrastructure resilience. Funded activities will enhance informed decision-making, locally relevant technical knowledge and fit-for-purpose processes and tools for resilient infrastructure in SIDS. In line with IRIS outcomes, the proposed actions for this call for proposals are expected to contribute to one or more of the following: The call for proposal is open to all Small Island Developing States’ national government ministries or agencies with a mandate in disaster/climate resilience and/or infrastructure planning, financing or implementation (one or more sectors). This is in line with the CDRI charter, where the guiding principle is to focus on the most vulnerable regions and populations. The funding for a single country project can range from **$150,000 to $500,000** and a regional multi-country project (at least 3 SIDS) can range up to **$750,000**. The due date for submitting the Expression of Interest (EoI) application is **15 February 2023**. The call for proposal is open to all Small Island Developing States’ national government ministries or agencies with a mandate in disaster/climate resilience and/or infrastructure planning, financing or implementation (one or more sectors). This is in line with the CDRI charter, where the guiding principle is to focus on the most vulnerable regions and populations. The funding for a single country project can range from **$150,000 to $500,000** and a regional multi-country project (at least 3 SIDS) can range up to **$750,000**. The due date for submitting the Expression of Interest (EoI) application is **15 February 2023**.

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    World Bank Gives Barbados $100M for Green, Resilient Recovery
    Green Finance & EconomyJanuary 12, 2023

    World Bank Gives Barbados $100M for Green, Resilient Recovery

    The World Bank approved yesterday US$100 million in financing to support Barbados’ low carbon economic development and resilience to climate change. “I cannot underscore enough the necessity of support, such as this, to middle income small island developing states,” said The Honorable Mia Mottley, Prime Minister of Barbados. “This loan allows Barbados to advance its efforts to achieve climate resilience, including continuing our shift to clean energy. This ultimately allows us to better shield Barbadians from the worst excesses of the climate crisis while creating opportunities for green and blue jobs and investment as we adapt to our new reality.” The Barbados Green and Resilient Recovery Development Policy Loan has two main pillars. The first focuses on green and blue resilient development, which includes a new law on water reuse, the adoption of a climate change and agriculture policy and the establishment of an Environmental Sustainability Fund, all of which are critical since Barbados is a water stressed country. This pillar also supports the reduction of marine pollution, and management of natural resources, in the context of climate vulnerability.

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