Four institutions, including the US Department of Energy (DoE), have formed a partnership to support renewable energy and energy efficiency in the Caribbean region.
The US DoE, Inter-American Development Bank (IDB), Caribbean Development Bank (CDB), and the Caribbean Community (CARICOM), have signed a memorandum of understanding to promote programs and activities that foster the transformation of the energy sector in the Caribbean.
The MoU seeks to increase energy security, reduce energy vulnerability, and promote renewable energy, energy efficiency, and low-carbon technologies in the region.
Specific areas of cooperation within the agreement include clean energy financing, renewable energy, energy education, grid management, fuel diversity and energy efficiency.
Luis Alberto Moreno , IDB President, said: “The MoU that we signed today reinforces the commitment that our institutions have with the Caribbean region. We will work together on the identification of financing and investment opportunities for pilot and commercial scale projects in sustainable energy and to support the Caribbean regional energy strategy.”
Through this collaboration, USDoE, IDB, CDB, and CARICOM will promote a sustainable energy future in the Caribbean by providing the technical knowledge and expertise to both increase energy security in the region and ensure greater use of renewable energy and energy efficiency technologies, IDB’s press release reads.