(MENAFN- Caribbean News Global)
By Government Press Office | BELIZE
BELMOPAN, Belize – The ministry of finance, economic development and investment, Belize's National Designated Authority (NDA) to the Green Climate Fund (GCF) under the leadership of Dr Osmond Martinez, announced GCF's approval of a BZ$1.6 million grant via the Project Preparation Facility (PPF) for the preparation of a new programme being developed by the Caribbean Development Bank (CDB) in collaboration with the CARICOM Secretariat and GIZ (the German Agency for International Cooperation).
The programme,“scaling-up the Deployment of Integrated Utility Services (IUS) to Support Energy Sector Transformation in the Caribbean” will support local businesses, households and other electric utility customers to invest in renewable energy (RE) and energy efficiency (EE) measures such as rooftop solar PV, battery storage, more energy-efficient equipment and energy-saving devices.
The programme will support these investments by working with/through Belize Electricity Limited, which will take on an energy service company-type role within the local energy services market; will provide an easy and affordable way for businesses, households and other utility customers to invest in (and own) RE and EE equipment and devices.
It will deliver three major benefits for utility customers: (i) cutting their energy costs and bills, particularly over the medium term; (ii) reducing their own personal carbon footprint, and by extension, that of the broader energy system in Belize; and (iii) enhancing their resilience against potential power disruptions due to storms and other extreme weather events that are becoming increasingly frequent and intense due to climate change.
The NDA will ensure that key energy sector stakeholders and other government representatives, as well as local households and businesses, are engaged to complete the design and other preparatory work. The resulting funding proposal will enable CDB to mobilise the resources (estimated at US$50 million) needed to finance and implement the above-described programme over the coming years to Belize and three other Caribbean countries.
As stated by Dr Martinez, chief executive officer in the ministry of finance, economic development and investment, the aim is to transform the economy along a low-emission, climate-resilient pathway towards sustainable development.
Related: GCF approves grant funding for a water national adaptation planning project for Belize
MENAFN09122021000232011072ID1103335671
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.