As Government seeks to enter into a debt-for-nature swap to help fund marine conservation efforts, lawmakers are giving the assurance that it will not cost taxpayers a cent.Minister in the Ministry of Finance Ryan Straughn explained that the debt swap arrangement, which is being entered into with CIBC FirstCaribbean and Credit Suisse International at BDS$150 million each, was to allow government to buy back a portion of its existing debt at a lower interest rate - both Eurobonds and Series E bonds.He said that it is the interest payment saved that would be diverted to the Barbados Environmental and Sustainability Fund over the next 15 years for the marine conservation plans.This is being made possible with a guarantee by the Inter-American Development Bank for up to $200 million and The Nature Conservancy for up to $100 million.“This will not impact the budget of the Ministry of Environment,” Straughn assured Tuesday’s sitting of the House of Assembly.
Merger of blue and green economies beneficial
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Breathing new life into the Blue Economy
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Opposition Leader Bishop Joseph Atherley is calling on the church to adopt a strong activism and advocacy platform to help Barbados fight climate change.Atherley said that while the church has a strong presence in society, the institution adding its voice to climate change discussions and negotiations locally and internationally, is critical at this time, when Barbados like other small island states has been feeling the negative impact of climate change.He believes such a move is important to the future of the economy and generations to come.Speaking during Barbados’ first Conference with faith-based organisations on Climate Action on Friday, the Opposition Leader who is also a religious leader said churches must speak up for sustainable development towards adaptation and disaster risk management including coastal infrastructural development especially with reference to tourism.