The Republic Group has said it will lend and invest US$200 million by 2025 to support major climate finance goals such as the purchase of electric cars.

In a statement on Wednesday, it said its climate financial goals also include lending and investment for loans that promote clean fuels, renewable energy and technology, an improvement in energy efficiency, and construction loans that deploy climate-resilient technologies.

It said this announcement comes as the group rolls out its objectives as a signatory to the UN's Principles of Responsible Banking and the Net-Zero Banking Alliance.

“The group had previously announced that capital will be directed to the preservation of the environment, supporting renewable energy and green initiatives and bolstering the blue economy.”

The blue economy refers to the preservation and regeneration of the marine environment.

Republic Group president and CEO Nigel Baptiste said, “Since signing the Principles of Responsible Banking, we have been working behind the scenes to implement several impactful and measurable initiatives, all aimed at supporting the UN's Sustainable Development Goals (SDGs).

“Given the negative impact of climate change on the Caribbean and our dependence on fossil fuels, we have identified SDG seven (affordable and clean energy) and SDG 13 (climate action) as priority goals for Republic Group.”