Barbados has signed its first readiness grant agreement with the Green Climate Fund.
The signing ceremony was held in the margins of the ongoing GCF's global national designated authority and private investment for climate conferences in South Korea.
The GCF readiness programme helps countries organise, to better access climate financing.
Minister in the Ministry of Economic Affairs and Investment, Marsha Caddle inked the agreement on behalf of the country.
Government will receive an initial US$300 thousand in grant financing from the GCF.
This will enable access to US$1million annually, for improving Barbados' engagement with the fund.
Minister Caddle stressed Barbados' survival depends not only on local, but also international action.
The Ministry of Economic Affairs and Investment, which is the GCF national designated authority in Barbados, has already commenced the development of further readiness proposals in that regard, and the country will be drawing down additional resources in 2019.