The UAE Caribbean Renewable Energy Fund enters second cycle
ABU DHABI: The United Arab Emirates and the Caribbean Renewable Energy Fund has entered the second cycle of its three-year plan to build climate-resistant renewable energy projects in 16 Caribbean nations, successfully completing new development and financing agreements for the Dominican Republic, Haiti , Guyana, Grenada, Saint Kitts and Nevis, Trinidad and Tobago and Suriname.
The announcement was made at Sustainability Week 2020, one of the largest sustainability meetings in the world, in the UAE Recent Capital
Under the new development and funding agreements, a solar photovoltaic (PV) carport and rooftop project will be built in the Dominican Republic; a solar PV and battery hybrid project will be developed for the village of Dondon, Haiti ; a solar PV and battery hybrid plant will be constructed on the island of Wakenaam, Guyana; and a solar PV and battery hybrid project is planned for Carriacou in Grenada.
In Saint Kitts and Nevis, two photovoltaic solar energy desalination plants will be developed, while Suriname will receive a hybrid solar photovoltaic and battery plant and Trinidad and Tobago, a photovoltaic solar energy garage.
Fully financed by Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, UAE -CREF is a partnership between the Ministry of Foreign Affairs and International Cooperation (MoFAIC), ADFD and Masdar, which is leading the design and implementation of the selected projects.
Sultan Al Shamsi, assistant minister of foreign affairs and international cooperation for international development affairs, said: “The UAE - Caribbean collaboration comes within the framework of the UAE ’s Foreign Aid Policy and five-year strategy, which is committed to assisting Small Island Developing States to achieve their national priorities and Sustainable Development Goals. In particular, ensuring access to affordable, reliable, sustainable and modern energy for all; taking urgent action to combat climate change; and achieving gender equality and empowering all women and girls.
We hope that these new agreements allow beneficiaries to strengthen their defenses against climate change while pursuing long-term energy independence.
Mohamed Jameel Al Ramahi, chief executive officer of Masdar, said: “Masdar is honoured to leverage its global expertise and experience in renewables to support the Caribbean ’s sustainable energy transition. These landmark clean energy projects in the Dominican Republic, Haiti , Guyana, Grenada, Saint Kitts and Nevis, Trinidad and Tobago and Suriname will create jobs, boost gender equality and capacity building, reduce energy costs and reliance on expensive diesel fuels, as well as enhance climate resilience and stimulate economies.”
The projects represent significant steps forward advancing the renewable energy ambitions of the seven countries, with the Dominican Republic targeting renewable energy generation of 25 percent by 2025 and Haiti aiming to have 50 percent of electricity from renewable sources by 2020. Guyana has set a target of 47% renewable electricity generation by 2027, while Grenada is aiming for 100 percent by 2030 and Trinidad and Tobago targeting 5 percent of peak demand by 2020.