ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

able to access credit reports free of cost. The ECCB’s supervision will take effect once the Bureau is fully operational, tentatively by December 2023. Renewable Energy and Green Finance The Bank advanced work to reduce the risks and impact of climate change on the region. The promotion of the transition to clean and renewable energy is evidenced by the ECCB’s solar car park which was completed during the financial year. With support of The World Bank and the Nationally Determined Contributors (NDC) Partnership, in 2022, the ECCB intensified its work on the development of a Renewable Energy Infrastructure Investment Facility. A market barriers diagnostic was undertaken; it identified a need to build capacity and update related regulations and procedures as well as increase the availability of financial instruments. In 2023, focus will be placed on the design of the facility. Work is ongoing on the development of a green finance strategy. In September 2022, the Bank hosted a green finance stakeholder forum. The forum featured presentations from the ECCB, World Bank, NDCP, Sustainable Banking and Finance Network (SBFN) and Network for Greening the Financial System (NFGS). Noteworthy were the experiences of Republic Financial Holdings, Reserve Bank of Fiji and Bank of Ghana. A supply-side survey was undertaken and revealed low familiarity with green finance and limited

financial instruments targeting climate change impacts and transition to clean energy.

In 2023 a demand side survey will be undertaken.

Additionally, the Bank is working on a ‘ greening the financial system ’ initiative, which is geared towards training the financial institutions and regulators to integrate climate risks into their assessments and supervisory frameworks. The Agence Française Développement is supporting this work in the non bank financial sector. Awareness through stakeholders’ consultations continue. In 2023, the consultants, A2F, will intensify their work and undertake training for all stakeholders.

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