Nassau, The Bahamas – Caribbean countries have made notable progress in making the shift to sustainable energy but more must be done to promote and unlock financing for a clean energy shift in the Region. Representatives from the Caribbean Development Bank (CDB) made this point during the Fifth Caribbean Sustainable Energy Forum (CSEF-V) in Nassau, The Bahamas this week.

Tessa Williams-Robertson, Head of Renewable Energy and Energy Efficiency, CDB, was among keynote presenters at the event, which took place from January 23 to 25, 2017. She made recommendations on how governments can bridge the financing gap that could slow the Region’s progress on achieving its renewable energy targets. Data show that the Caribbean needs at least USD15 billion in financing to achieve 47 percent renewable power capacity by 2027.

“As a Region, we face a number of constraints to accessing financing for sustainable energy development. These include our small market size and the perceived high risk of investing in the Caribbean,” said Tessa Williams-Robertson, Head of Renewable Energy and Energy Efficiency, CDB.

Williams-Robertson told attendees that to drive the right quantity and quality of investments, Caribbean governments need to ensure their legal frameworks allow and support sustainable energy financing; establish the feasibility and financial viability of the proposed projects; and determine if capacity-building or technical assistance is needed for implementation.

The Bank’s Borrowing Member Countries now have access to grant and loan resources, and technical support that CDB has raised from a number of partners and agencies. They include funding from the Government of Canada; the European Investment Bank Climate Action Line of Credit; the European Union Caribbean Investment Facility; the Government of Germany; the Inter-American Development Bank; and the United Kingdom Department for International Development…[+]