The Caribbean region is blessed with an abundance of renewable energy potential that remains untapped due to a lack of financial investment. Energy service providers are ready to develop sustainable energy technology that would improve our lives. But they struggle to secure the funding they need to bring those solutions to us.
This is why Finance was one of the main components of the Technical Assistance Programme for Sustainable Energy in the Caribbean (TAPSEC). This five-year Programme was funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union (EU) with the aim of providing technical and financial assistance to many of the regional institutions committed to shifting our region toward low-carbon climate-compatible energy sustainability. TAPSEC worked closely with a variety of partners such as the Caribbean Community (CARICOM) Secretariat, the Caribbean Center for Renewable Energy and Energy Efficiency (CCREEE) and the Dominican Republic’s Ministry of Energy and Mines (MEM) to develop and execute more than 80 initiatives that would expand regional access to modern, affordable and sustainable energy services. Among them were interventions designed to increase the number of bankable RE and EE projects across the region while reducing the transaction costs relating to investments in those projects. Through this two-pronged approach, the sustainable energy projects we need are prepared to receive funding while potential financiers are encouraged to provide it.
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