On the evening of 22 January 2018, the Governor of Puerto Rico announced the complete privatisation of the island’s power utility. The public statement came four months after hurricanes Irma and Maria, which devastated the archipelago leaving thousands of people homeless or dead and over 40 percent of the population without access to electricity and running water. Puerto Rico’s energy system was crumbling long before the tropical weather systems of September 2017 hit the archipelago. The hurricanes only laid bare the unsustainable conditions of the extremely expensive and fossil fuel-generated electrical power regime.
Every day public banks are developing new and innovative ways of financing a green transformation. This issue brief explores the lessons from two public banks, one in Costa Rica and the other in Germany.