Republic Financial Holdings Limited (RFHL) has achieved a significant milestone in its sustainability journey by exceeding its climate finance mobilization target. The Caribbean-based financial group has allocated approximately US$235.5 million toward climate-related initiatives, surpassing its original US$200 million goal set in 2021 by nearly 18%.
The climate financing strategy, designed to support the transition to low-carbon economies across RFHL’s operational territories, has seen renewable energy projects emerge as the primary beneficiary. Accounting for 46.46% of total allocations, renewable energy initiatives form the cornerstone of RFHL’s climate financing portfolio. Sustainable transportation follows closely, representing 40.28% of funded projects.
Geographically, Trinidad and Tobago leads in climate financing distribution with 42.17% of total funds, followed by Barbados at 25.36%. Guyana and Ghana account for 12.17% and 10.36% respectively, demonstrating RFHL’s expanding commitment to both Caribbean and African markets.
Group President and CEO Nigel Baptiste emphasized the achievement reflects growing regional demand for sustainable finance solutions. ‘This milestone underscores the critical role financial institutions can play in supporting the transition to more resilient, low-carbon economies,’ Baptiste stated, acknowledging the collaborative efforts across RFHL’s branches and subsidiaries.
The financed projects span multiple sectors including renewable energy production, eco-friendly transportation, energy efficiency measures, and sustainable agriculture. These initiatives aim to enhance climate resilience while promoting long-term environmental and economic stability.
Looking forward, RFHL has committed to expanding its sustainability initiatives with particular focus on supporting vulnerable and low-income communities through specialized financing programs and technical assistance for climate adaptation and mitigation efforts.