Financing the blue economy

A Caribbean Development Opportunity

Foreward

At least one-fifth of the population of the Borrowing Member Countries (BMCs) of the Caribbean Development Bank (CDB) remains in poverty; and one out of every 10 persons is considered “food poor” or indigent. Tackling poverty is one of our Region’s biggest challenges.

Caribbean countries have joined other members of the United Nations in adopting the 2030 Agenda for Sustainable Development and agreed to 17 Sustainable Development Goals to end poverty, protect the planet and ensure prosperity for all.

The obligations under this global initiative closely align with CDB’s ongoing commitment, embedded in our Strategic Plan 2015-19, to help our BMCs to identify and exploit opportunities for achieving inclusive and sustainable growth and development. Being a catalyst for development resources and targeting the systematic reduction of poverty in our BMCs through social and economic development is the mission of CDB.

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CARICOM's Commercialization of energy efficiency programs and projects in the Caribbean.

As part of its mandate to promote resilient energy matrices region-wide, CARICOM has identified the promotion of investment into energy efficiency programs and projects as a priority action item.

On April 5th at 10.00am EST, the Caribbean Community (CARICOM) Secretariat and New Energy Events will co-host a webinar focused on new approaches to the commercialization of energy efficiency programs and projects in the Caribbean.

Confirmed panelists:

Jacob Corvidae, Manager, Rocky Mountain Institute

Kelly Tomblin, President & CEO, Jamaica Public Service Co.

Dr. Devon Gardner, Programme Manager, Energy, CARICOM

Joseph Williams, Sustainable Energy Advisor, Caribbean Development Bank

Despite the obvious potential for investment in energy efficiency across the Caribbean, the markets are yet to take off in any meaningful way. The unavailability of sustainable and affordable financing is widely recognized as the most significant hurdle to commercialization. The webinar will explore an emerging alignment of stakeholders around energy efficiency investments, and examine a number of innovative approaches to financing.

Topics will include:

• How do we introduce investment in energy efficiency into the mainstream?

• How do regional utilities look at investment in EE initiatives from a long-term ROI perspective? How can we align economic incentives to motivate utilities to invest in EE?

• What can we learn from the experience of other markets and other utilities? Hawaii, for example?

• What is the Integrated Utility Service (IUS) model? What can we learn from the initial experience in Fort Collins?

• How might utility-centric EE programs align with public sector and multilateral objectives and with what implication for the financing of EE programs?

• How do we de-risk EE investment?

• What are the opportunity costs associated with the inability of the current "market will deliver" philosophy to tap the regional EE potential?

• What are the key stakeholders - utilities, utility regulators, governments, multilaterals and private investors - prepared to do in order to deliver clean, efficient, reliable and cost-effective energy services to end-users? More

Register Now!

 

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Caribbean Centre for Renewable Energy and Energy Efficiency inaugurated in Barbados

BRIDGETOWN, 28 October 2015 - The Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) was today inaugurated during a ceremony held in the capital of Barbados.

This follows the decision of the 36th Regular meeting of the heads of Government of the Caribbean Community (CARICOM) to establish the centre as a regional implementation hub, with Barbados as the host country. The regional centre was developed and promoted by the CARICOM Secretariat in close partnership with the Small Island Developing States Sustainable Energy and Climate Resilience Initiative (SIDS DOCK) and the United Nations Industrial Development Organization (UNIDO).

Financial support is being provided by the governments of Austria and Germany. CCREEE will be part of a wider network of regional sustainable energy centres for Small Island Developing States (SIDS) in Africa, the Caribbean, Pacific and Indian Ocean. Freundel Stuart, Prime Minister of Barbados and Chairman of the Conference of Heads of Government of CARICOM, stressed that the urgent establishment of the centre was in line with the region’s strategic goals and focus on sustainable development. Confirming his country’s support for the centre, he added that “the CCREEE will act as a regional hub and think-tank for sustainable energy issues and activities in the region”.

Ambassador Irwin LaRocque, Secretary-General, Caribbean Community (CARICOM), said: “The centre’s main role will be to assist CARICOM Member States in implementing the Caribbean Sustainable Energy Roadmap and Strategy (C-SERMS), as well as their respective national energy strategies and targets. The centre is an important contribution of CARICOM to the upcoming Climate Summit in Paris.”

Ambassador Vince Henderson, Chairman of SIDS DOCK, added: “We consider CCREEE and the wider network of centres for Small Island Developing States to be an essential contribution to make the Sustainable Energy for All initiative a reality for our economies and societies. The centres are expected to cooperate closely on the SIDS-SIDS energy agenda and will form not only a strong advocacy, but also a strong cooperation group.”

Pradeep Monga, UNIDO Director and Special Representative of the Director General on Energy, called “CCREEE a critical mechanism for up-scaling national efforts, particularly in the areas of project execution, capacity development, and knowledge and data management, as well as investment and business promotion, within the sustainable energy sector”.Ambassador Mikael Barfod, Delegation of the European Union to Barbados and the Eastern Caribbean, highlighted the creation of CCREEE as a major milestone and pledged support for the initiative.

According to Martin Ledolter, Managing Director of the Austrian Development Agency (ADA), “the centre will empower local people within the Caribbean to benefit from the growing global sustainable energy markets and participate in the emerging opportunities for south-south and north-south technology and knowledge transfer”.

The inauguration of CCREEE will also be part of the Caribbean Energy Week, which will be observed across the region from 8 to 14 November under the theme “EmPOWERING our Sustainable Development”.” More

 

 

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