IRENA and CDF to Accelerate Energy Transition in the Caribbean


The International Renewable Energy Agency (IRENA) and the CARICOM Development Fund (CDF) have partnered to speed up the vitality transition within the Caribbean.


IRENA and CDF have signed a Memorandum of Understanding to help a transition from fossil-fuel dependency to a extra resilient and sustainable low carbon financial improvement mannequin within the Caribbean Small Island Developing States (SIDS).


The two will assist the area to scale back financial and social vulnerability to the antagonistic impacts of local weather change.


IRENA and CDF will assist the Caribbean islands cut back their dependence on costly fossil gasoline imports to fulfill their vitality demand.


The Latin America and Caribbean area has the potential to supply as much as 85% of its energy from renewables by 2030.


Relying on renewables will considerably enhance vitality safety and cut back vitality system prices.


CDF will present direct monetary and technical help to sustainable vitality investments in its CARICOM Member States by Country Assistance Programmes focusing on deprived international locations, areas and sectors working within the CARICOM Single Market and Economy.


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IRENA and the CDF have agreed to collaborate within the following areas:

  • Collaborate in facilitating challenge improvement to create a pipeline of funding prepared challenge proposals;
  • Provide technical help to enhance challenge bankability and help transactions between tasks and traders;
  • Support the enhancement and implementation of local weather motion plans within the Caribbean area to scale back intra-regional disparities, tackle native and sector-level financial disadvantages, deal with poverty, in addition to strengthen social and environmental sustainability; and
  • Enhance the decision-making course of throughout key stakeholders working in the direction of a extra renewables-based and resilient vitality system within the Caribbean.


The CEO of the CDF Mr. Rodinald Soomer, mentioned: “There is an acknowledged want for better technical and monetary help to help the construct out and strengthening of the ecosystem round sustainable vitality within the Caribbean. In response to this deficiency, the CDF will quickly launch the Credit Risk Abatement Facility (CRAF), which seeks to incentivize extra lending from native monetary establishments to the non-public sector for low-carbon interventions in CDF Member States. The new partnership with IRENA will complement this Facility by serving to to supply and leverage assets for focused technical and monetary help and coaching to beneficiaries and stakeholders.”


Mr. Francesco La Camera, director common of IRENA, provides: “Partnerships are the cornerstone of the achievement of the sustainable improvement targets. Caribbean international locations, like all small island improvement states, have the potential to grasp transformative advantages from [the] low-carbon financial progress agenda. 


“Working along with the CDF, IRENA reinforces its dedication to renewable vitality transformation in small islands, and to mobilising the capital essential to scale up the adoption of renewables and vitality effectivity measures. This settlement enhances the Agency’s ongoing efforts to strengthen the enabling surroundings and crowd in funding capital to meaningfully speed up decarbonisation progress,” he concluded.


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