Several Caribbean countries have received development grants to finance projects that will bolster efforts to transition from fossil fuel economies to economies based on renewable energy.
Belize, the Dominican Republic, Grenada, Guyana, Haiti, St Kitts and Nevis and Saint Lucia will benefit from the second funding cycle of the AED183.6 million (US$50 million) United Arab Emirates-Caribbean Renewable Energy Fund (UAE-CREF).
The recent announcement coincided with the Eighth Session of the General Assembly of the International Renewable Energy Agency (IRENA), which has been making a vociferous case for energy transition in Small Island Developing States (SIDS).
Dr Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, in commending the recipients, reaffirmed the UAE’s commitment to a renewable energy future.
“As a key player in promoting renewable energy across the globe, the UAE provides effective solutions to the most pressing challenges the sector faces, such as facilitating funds to implement these projects,” he said.
He reiterated that the UAE-Caribbean Renewable Energy Fund, launched in 2017 during Abu Dhabi Sustainability Week to finance a range of renewable energy projects in Caribbean islands, is one of the country’s most important initiatives and the launch of the fund’s second funding cycle will support projects in several Caribbean countries – in addition to ongoing projects in the Caribbean region already financed by the first funding cycle.
He said this is “a clear indication of the UAE’s commitment to spearheading global energy transition efforts”.