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The Trust Fund is a newly established and independent scheme aimed at raising money to tackle the territory’s climate change-related issues, by increasing energy efficiency and utilizing alternative energies.
After residents give their feedback on the applicants by September 16 this year, nine persons will be chosen to sit on the Board.
The selection will be done by Premier Dr D Orlando Smith and Dr Kedrick Pickering who is the minister of natural resources and labour.
“I am pleased with the number and calibre of persons who took up this noble challenge, and have offered themselves to serve on this important Board. The success of the Trust Fund rests heavily on the ability and commitment of its Board, and I wish to thank all those participating in the process.”
The nine-member board, which will include six representatives from the private sector and civil society, will have executive control and management of the affairs of the Climate Change Trust Fund. They will make final decisions on all applications for funding.
The BVI is the first Caribbean island to pass legislation for the establishment of a Climate Change Trust Fund.
The Virgin Islands Climate Change Trust Fund Act took effect on January 1 this year.
Below is a list of the persons seeking to become members of the aforementioned Board.
- Benedict Bamford – Tourism; Individual
- Douglas Riegels – Tourism
- John Klein – Tourism, Any other sectortor
- Monique Adams – Financial Services
- Nelson Samuel – Financial Services
- Pauline Robinson – Financial Services
- Shelly Bend – Financial Services, Individual
- Chezley Stoddard – Any other sector/NGO or CBO
- Edward Childs – Any other sector
- Mitsy Simpson – Any other sector
- Ronnie Lettsome – Any other sector, Individual
- Stephanie Faulker Williams – Any other sector, Individual
- Eva Baskin – Academia or research organisation
- Dr Karl Dawson – Academia or research organisation
- Charlotte McDevitt – NGO
- Sarah Smith – NGO
- Shannon Gore – NGO
- Akilah Anderson – Individual
- Colin Bramble – Individual
- Dominic Clyde-Smith – Individual
- John Lewis – Individual
- Karen Fraser – Individual
- Lionel Penn II – Individual
- Michael Fonseca – Individual
- Rosemary Delaney-Smith – Individual
- Saski Laing – Individual
- Susan Babson – Individual
Credit: BVI News
Environmental Solutions Limited, a Caribbean consulting outfit focused on environmental management, published a strong review of Green Funds in the Caribbean and the opportunities for capacity development. An excerpt is below, read the full article at ESLCaribbean.
Concern about climate change and its many, far-reaching effects has propelled countries around the world to come up with novel ways to achieve socio-economic development without causing additional damage to the environment. One of the more recent solutions has been the establishment of various ‘green funds’ by countries and international aid and development agencies alike. According to Investopedia.com, a green fund is basically “a mutual fund or other investment vehicle that will only invest in companies that are deemed socially conscious in their business dealings or directly promote environmental responsibility. A green fund can come in the form of a focused investment vehicle for companies engaged in environmentally supportive businesses, such as alternative energy, green transport, water and waste management, and sustainable living.”
Here in the Caribbean, Trinidad and Tobago leads the way with a well-established, well-financed Green Fund. The fund was first instituted under the Finance Act 2000 and is financed by a tax of 0.1 per cent of the gross sales or receipts of companies doing business in Trinidad and Tobago. The levy is payable quarterly. The purpose of the fund is “to provide financial assistance to community groups and organisations for activities related to reforestation, remediation, environmental education and public awareness of environmental issues and conservation of the environment.” Since its inception, the fund has successfully financed a number of certified activities totalling approximately TT$117 million. The value of the fund as at January 2012 was TT$2.7 billion.
The key stakeholders in the fund are members of the private sector, which pay the Green Fund Levy; the Ministry of Finance, the official custodian of the fund’s resources; the Ministry of Housing and the Environment, which provides certification Green Fund-supported activities; and civil society organisations that use the resources. The fund can be accessed by corporate companies, non-profits, NGOs and community groups by making the necessary application.
Read the full article here.