CDB partnering with gov’ts in clean-energy drive
Published:Wednesday | November 2, 2022 | 12:07 AM
As countries across the region increase their efforts to shift from fossil fuels to cleaner and more efficient energy sources, the Caribbean Development Bank (CDB) says it will require significant financing which can be achieved through partnerships.
President of the CDB, Dr Gene Leon, said the regional bank is involved in the financing of, and technical assistance to mobilise partnerships in assisting member countries of the institution to transition out of fossil fuels to a better mix of fossil and renewables.
The CDB, as part of its mandate, promotes the harmonious growth and development of member countries and fosters cooperation and integration among least-developed members.
Leon noted the increased urgency to halt the severe impact of climate change by reducing carbon emissions and promoting sustainable energy.
He said that the CDB was working with governments on projects that would increase the penetration of renewables and reduce the huge bill arising from the 85 per cent of imports of fossil fuels in the region.
Acknowledging that financing these projects was a big challenge, Leon said that the CDB is involved in the mobilisation of funds for the development of renewable projects.
“The bill to do this is quite large and a lot more funds than we have, at least not now, and part of our process is reaching into partnerships, trying to find ways to begin to mobilise funds that can be redeployed to meet some of those very investments needed … ,” the CDB president said in a Gleaner interview.
He said the bank also works closely with governments to improve the implementation component, noting that there are usually challenges in project roll-out.
Commenting on the work of the CDB since the onset of COVID-19, the CDB boss indicated that the pandemic has magnified the challenges the Caribbean was already facing from the structural legacy issues of development.