Caribbean nations have been offered improved access to funding to fight the effects of climate change and invest in clean energy projects, through an initiative by the United States to address energy security and climate crisis within the Caribbean Community, CARICOM.
The US-Caribbean Partnership to Address the Climate Crisis 2030 (PACC 2030), announced by US Vice President Kamala Harris recently when she met with regional leaders on the sidelines of the ninth Summit of the Americas, focuses on reducing island nations’ dependence on energy imports.
It will support Caribbean countries’ energy infrastructure and climate-resilient projects from beginning to end.
However, no details about the level of the US investment in the project were forthcoming.
In announcing the initiative, Harris said the climate issue remains an existential crisis for the entire planet, as she acknowledged that “the Caribbean is on the frontline of the crisis.”
She said the US will work with regional countries to identify new clean energy projects and will provide technical assistance to ensure the projects are viable and appealing to investors.
“We will bring them [investors] on road shows to showcase and we will improve access to development financing which will make these projects a reality. We will engage with the private sector at every stage of this work because their involvement is essential to making this productive and meaningful,” Harris assured the Caribbean leaders.
The US Vice President said when the transition to clean energy is accelerated, economic opportunities for the entire region would be unlocked.
“When we work together to address this urgent threat, it benefits the people of the United States and the people of the Caribbean and all of us of course benefit by reducing emission,” she said.
CARICOM’s Secretary-General Dr. Carla Barnett said energy security in the Caribbean is a critical matter as countries seek to transition their energy systems to more modern, clean, and reliable supplies of renewable energy.
The US government said PACC 2030 will serve as its primary mechanism for regional climate adaptation and resilience and energy cooperation through 2030, as it works toward meeting the long-term goals of the Paris Agreement and the 2030 Sustainable Development Goals (SDGs).
To achieve these objectives, PACC 2030 will organize its activities and programs under four pillars: improving access to development financing, facilitating clean energy project development and investment, enhancing local capacity building, and deepening collaboration with Caribbean partners.
“Recognizing that access to financing is critical to achieving the region’s climate and clean energy objectives, PACC 2030 will work to expand existing access to project financing and unlock new financing mechanisms to support climate and clean energy infrastructure development in the region.”
The US government has promised that under the initiative it will collaborate with the Caribbean Centre for Renewable Energy and Energy Efficiency and the Caribbean Electric Utility Services Corporation; participate in the Caribbean Sustainable Energy Forum to elevate technical engagement on clean energy and transportation development in the region; and collaborate with the Caribbean Disaster Emergency Management Agency, the Regional Security System, and the Caribbean Institute for Meteorology and Hydrology on climate adaptation and resilience issues.
CMC/
