Barbados will require an estimated $23 billion in public and private investment to achieve its climate agenda by 2035, with the government pursuing new financing mechanisms to strengthen resilience before disasters occur, Finance Minister Ryan Straughn has told a climate forum.

He disclosed the figure on Wednesday during the two-day Climate Smart Summit at the Hilton Barbados Resort, outlining what he described as the next major challenge facing small island developing states.

“Two years ago, the Cabinet agreed [on] our climate investment plan, and that rounded off at about US$11.6bn [$23.2bn] as a number that included both public sector investment, as well as private sector investment in order to achieve the climate agenda by 2035,” he said.