United Arab Emirates Creates $US 50 Million Renewable Energy Fund for CARICOM Member States
The United Arab Emirates (UAE) has announced a new $US 50 million Renewable Energy Fund for members of the Caribbean Community (CARICOM).
This, the fifth round of funding for renewable energy projects in developing countries, is the first being made available to The Bahamas which in times prior was denied access to the Abu Dhabi Fund for Development (ADFD) due to having a relatively high GDP per capita.
The grant funding will be administered through the International Renewable Energy Agency (IRENA), an agency already committed to increasing the availability of clean, affordable and reliable energy in the Caribbean, in order to drive sustainable development.
The Hon. Kenred Dorsett, Minister of the Environment and Housing and recently appointed Council Chairman of the 21-body IRENA Council welcomed this new funding.
“This new Fund which is accessible by the Caribbean Community, demonstrates the UAE’s commitment to establishing energy security and access in small island developing states while simultaneously sustaining economic growth,” said Minister Dorsett.
As Council Chairman, Minister Dorsett shined the spotlight on the region and his leadership proved instrumental in focusing the efforts of IRENA on renewable energy initiatives in the Americas.
Additionally, Minister Dorsett’s engagement with the Government of the UAE served to raise the profile of The Bahamas in the context of funding for renewable energy, which in no small measure facilitated the availability of these financial resources that are necessary to move The Bahamas’ sustainable development agenda forward.
The UAE will transmit details about the newly established Fund to the CARICOM Secretariat, in order for The Bahamas to gain access in due course.