IRENA and CDF to Support Low-GHG Emission Economic Development in the Caribbean Region
The region has the potential to generate 85% of its energy demand from renewable energy sources by 2030. With these joint efforts, energy system costs can be significantly reduced, while also guaranteeing energy security. Business competitiveness in the region will also be stimulated through the collaboration on enabling frameworks.
Key areas of the cooperation include:
- Promotion of accelerated adoption of renewable energy and energy efficiency technologies especially in support of the successful implementation of the CARICOM Single Market and Economy;
- Collaboration in project development;
- Technical support to improve project bankability and supporting transactions between projects and investors;
- Enhancement and implementation of climate action plans in the Caribbean region to reduce intra-regional disparities and tackle poverty; and
- Enhancement of the decision-making process across key stakeholders.
Financial and technical assistance is required to build and strengthen the ecosystem and the uptake of sustainable energy in the Caribbean. Therefore, the CARICOM Development Fund will launch the Credit Risk Abatement Facility (CRAF), which aims to incentivize additional lending from local financial institutions to the private sector for interventions with low GHG emissions in CDF Member States. This will provide and leverage resources for targeted technical and financial assistance as well as training opportunities to beneficiaries and stakeholders.
You can find more information here.