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IDB approves sustainable energy grants, targets renewables

Bnamericas Published: Thursday, January 29, 2009
IDB has approved four grants to help the Bahamas, Barbados and the Caribbean advance sustainable energy initiatives to lower the countries' dependency on fossil fuels and improve energy security. The Bahamas will receive two technical cooperation grants totaling US$1.45mn to strengthen the environment ministry, which oversees the energy sector, the regional lender said in a statement. The funds also will allow the Bahamas Electricity Company to explore energy efficiency and renewables including solar, waste-to-energy and ocean thermal energy conversion. Also benefitting will be efforts to reform the country's regulatory financial and fiscal frameworks to achieve a sustainable energy matrix and energy efficiency. Barbados will receive a US$1mn grant that will help underwrite development of a sustainable energy framework that will allow the government to test energy efficiency and renewable energy solutions. Another US$1mn will launch the Caribbean Hotel Energy Efficiency Action Program.

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