Caribbean Islands to Benefit from US$26.7 Million Fund for Sustainable Energy Initiative

The Caribbean Development Bank (CDB) has secured US$26.7 million in funding from the Green Climate Fund (GCF) to implement an innovative energy initiative in Barbados, Belize, and Jamaica. 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 renewable energy and energy efficiency technologies, benefiting 40,700 people. This program marks a significant step towards strengthening energy security, reducing dependence on imported fuels, and building climate resilience in the region.

Key Takeaways:

• The CDB's 'Scaling up the Deployment of Integrated Utility Services (IUS) to Support Energy Sector Transformation in the Caribbean (Phase 1) Programme' will be implemented with US$26.7 million in funding from the GCF.
• The program will benefit approximately 40,700 people across Barbados, Belize, and Jamaica.
• Participating utility companies will offer integrated sustainable energy services, including support for the procurement, installation, operation, and maintenance of key technologies.
• The six-year Phase 1 program will deliver support in Barbados, Belize, and Jamaica, while the lessons learnt will be integrated into a subsequent Phase 2 program to be replicated in other Caribbean countries.
• The CDB and other partners will contribute US$42,010,000 in loan and in-kind funding.
• The initiative leverages the recent upgrade of the Bank's GCF accreditation, which allows the Bank to develop/deliver GCF-financed initiatives up to US$250 million each.
• Daniel Best, CDB President, expressed gratitude to the GCF for its investment, emphasizing the program's significance in advancing sustainable development in the Caribbean.
• Henry Gonzalez, GCF's Chief Investment Officer, stated that the Integrated Utility Services program demonstrates how GCF is supporting country ownership by strengthening local institutions to deliver resilient, low-carbon energy systems.

Statistics:

• US$26,736,295: the amount of financing from the GCF approved for the program.
• US$42,010,000: the amount of loan and in-kind funding contributed by the CDB and other partners.
• 40,700: the number of people expected to benefit from the program.
• 6: the duration of the Phase 1 program.

Sources:

• "Caribbean islands to benefit from US$26.7 million fund for sustainable energy initiative," Caribbean Development Bank.
• "GCF approval of new program to support Caribbean islands," Green Climate Fund.