Caribbean Community Receives US$26.7M in Funding for Renewable Energy Initiative

The Caribbean Development Bank (CDB) has received US$26.7 million in funding from the Green Climate Fund (GCF) to implement an innovative energy initiative. The 'Scaling up the Deployment of Integrated Utility Services (IUS) to Support Energy Sector Transformation in the Caribbean (Phase 1) Programme' aims to accelerate the adoption of distributed renewable energy, energy efficiency, and clean energy technologies in Barbados, Belize, and Jamaica. This joint effort between the CDB and GCF will benefit 40,700 people, marking a significant step forward in strengthening the region's energy security and climate resilience.

Key Takeaways:

• The Caribbean Development Bank will lead the implementation of the programme, collaborating with national and regional partners to establish utility-led IUS models that reduce financial and technical barriers to sustainable energy solutions.
• The programme will deliver integrated sustainable energy services to customers in Barbados, Belize, and Jamaica, offering support for the procurement, installation, operation, and maintenance of key technologies.
• In addition to reducing greenhouse gas emissions and enhancing resilience, utility customers will benefit from lower costs, reduced risks, and equitable access.
• The six-year Phase 1 programme will be supported by US$26,736,295 in financing from the GCF, complemented by US$42,010,000 in loan and in-kind funding from CDB and other partners.
• This initiative marks a major step forward in strengthening the region's energy security through cleaner, more reliable, and affordable energy that reduces dependence on imported fuels.
• Lessons learnt from the initial phase will be integrated into a subsequent Phase 2 programme, aiming to replicate this support in other Caribbean countries.
• The CDB President, Mr. Daniel Best, expressed gratitude to the GCF for its investment, highlighting the joint commitment to expand access to sustainable, affordable, and resilient energy.
• Chief Investment Officer of the GCF, Henry Gonzalez, underlined the importance of supporting country ownership by strengthening local institutions to deliver resilient, low-carbon energy systems.

Statistics:

• US$26,736,295: the amount of funding allocated from the Green Climate Fund (GCF) for Phase 1 of the programme.
• 40,700: the number of people expected to benefit from the programme across Barbados, Belize, and Jamaica.
• US$42,010,000: the total loan and in-kind funding contributions from CDB and other partners.
• 6 years: the duration of Phase 1 of the programme.
• July 3, 2025: the date when the GCF Board approved the programme during its 42nd meeting in Papa New Guinea.

Sources:

• Caribbean Development Bank Press Release