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The 2018 Eastern Caribbean Green Economy Barometer evaluates the transition to a green economy (GE) in the OECS, concluding that progress is "below average." While member governments generally acknowledge the GE concept, the report finds that definitions remain narrow, often lacking focus on equity and inclusion. Key barriers include a lack of structured fiscal policies, the absence of finance ministries in GE dialogues, and a failure to integrate natural capital valuation into national policies. Despite these gaps, the report identifies "green shoots" such as renewable energy commitments in Dominica, Antigua and Barbuda, and Saint Lucia, as well as the Caribbean Regional Oceanscape Project (CROP).

Between 2010 and 2015, US$ 1,477 million in climate finance was committed to Caribbean SIDS, representing approximately 6% of total reported aid flows. The analysis reveals a heavy reliance on bilateral sources (85%), with a significant concentration of funds in a few countries and sectors. While 48% of finance targeted mitigation and 32% adaptation, the report highlights a critical gap in funding for resilience-essential sectors like health and education. Furthermore, a low regional disbursement ratio of 39% suggests significant implementation challenges compared to non-climate aid.

The European Investment Bank (EIB) is requesting USD 265 million from the Green Climate Fund (GCF)—USD 250 million for an investment vehicle and USD 15 million for a technical assistance facility—to launch GEEREF NeXt. Structured as a fund-of-funds, the programme aims for a total size of USD 750 million, blending GCF public seed capital with USD 500 million in private sector finance. The programme targets the development, construction, and operation of renewable energy (RE) and energy efficiency (EE) projects in emerging markets, expecting to finance over 200 projects and add up to 18 GW of clean energy capacity. By using a two-tier capital structure with a 'first-loss' mechanism for public capital, GEEREF NeXt intends to mitigate risk for private investors and achieve a projected 50x multiplier, potentially mobilising USD 30 billion in total project financing. The programme will be managed by the EIB Group, leveraging the experience of its predecessor, the Global Energy Efficiency and Renewable Energy Fund (GEEREF).

The document analyzes climate finance commitments to OECS Member States between 2010 and 2015, finding that while US$ 101 million was committed, actual disbursement rates were extremely low (under 10% for most countries). The funding was dominated by multilateral sources and focused heavily on disaster-related adaptation, primarily delivered through short-term projects.

The report examines flood risk in Jamaica, noting that while tropical cyclones cause the largest losses, flooding is not strictly related to storm intensity but often to preceding rainfall. It highlights that public infrastructure, particularly roads and bridges, suffers the most damage. Despite repeated recommendations for hazard mapping and watershed management, the report finds a persistent lack of enforcement regarding 'no build zones' and a critical shortage of digital spatial data for planners.

The Green Climate Fund (GCF) Accreditation Panel recommends the Caribbean Development Bank (CDB) for accreditation as a regional entity for 'small' projects (up to USD 50 million) with a high environmental and social risk category (Category A/I-1). The CDB demonstrated strong fiduciary standards, a track record of mobilizing approximately USD 200 million for climate action, and a robust gender equality policy. However, accreditation is conditional upon the CDB establishing a public system for reporting the progress of grant-funded projects and finalizing a permanent external communications mechanism for environmental and social complaints.

GEEREF NeXt adopts the EIB Group’s Gender Strategy to address the gendered nature of energy poverty in developing countries. The fund focuses on the upstream renewable energy value chain, aiming to avoid aggravating existing inequalities while promoting female entrepreneurship and representation in the energy workforce. It identifies specific risks associated with on-grid projects, such as discriminatory land-use norms and limited female employment, and plans to require Investee Funds to conduct project-specific gender assessments supported by the GEEREF NeXt Technical Assistance Facility.

Global Witness traced the journey of Russian oil from the port of Primorsk to the UK via India, highlighting the use of a 'shadow fleet' of aging tankers and a refining loophole that allows Russian crude to be imported into the UK as refined products. The report identifies the role of Gatik Ship Management and the St Kitts and Nevis ship registry in facilitating this trade, and notes that refineries in Vadinar and Jamnagar process Russian crude for re-export to Western markets, including purchases by Shell and BP.