Opposition leader raises doubts over ‘blue-green bank’ 

pposition leader Ralph Thorne has voiced significant concerns about the Mottley administration’s plans to establish a ‘blue-green bank’ aimed at supporting environmental initiatives.
In a detailed speech on the floor of the House of Assembly on Tuesday, Thorne questioned the viability of creating a new, non-profit banking entity dedicated to blue and green economy projects. He pointed to past failures of similar developmental entities that had to be dissolved.
“We’ve had, in this country before, entities which have been established for development purposes, and we have found that those entities… had to be dissolved as failures,” Thorne said. He warned that the term “non-profit” could lead to financial mismanagement or favouritism, with “the risk that the term non-profit could transfigure itself into the dispensation of largesse”.
Thorne expressed scepticism rooted in instances where developmental bodies have struggled to meet their goals. He called for rigorous oversight and a clear mandate to prevent inefficacy and financial waste.
The opposition leader also questioned the bank’s relationship with the International Monetary Fund (IMF), suggesting it could increase Barbados’s dependency on external financial support. “We establish relationships with the IMF, except that the government will want to respond by saying that on this occasion, the transfer of funds are low-risk, cheap financing, if you wish, and long-term,” he said, while noting such ties create ongoing financial obligations with far-reaching consequences.
Thorne urged transparency about the IMF commitments and their potential economic impacts: “I believe the public will also wish to be aware that this entity springs from a continuing relationship with the International Monetary Fund… it is couched in the language… of resilience and sustainability.”
Turning to the bank’s proposed support for homeowners investing in photovoltaic (PV) systems, Thorne criticised the government for making promises without addressing existing issues faced by these homeowners. “Tell the people of Barbados why there are several people in this country who intend to invest in alternative energy by way of photovoltaic systems on their roofs, and they have had to stop,” he demanded, pointing to unresolved disputes with Barbados Light and Power.
Thorne also highlighted instances where the government failed to live up to its environmental rhetoric despite “talking about blue-green initiatives”.

The Christ Church South MP pointed to past incidents, such as the damage to coral reefs caused by docking ships during the COVID-19 pandemic, as examples of the government’s failure to live up to its environmental commitments. “There was considerable damage, it is reported, done to the coral reefs off Barbados… Yet, we were around here talking about blue-green initiatives,” he said, underscoring an inconsistency between the administration’s rhetoric and reality.
He also suggested the bank risked being used for political patronage rather than serving the public interest. “I caution the people of Barbados to carefully scrutinize this blue-green bank as a potential source of political dispensation of funds,” Thorne warned.