The three agencies will support the efforts of Eastern Caribbean states to reduce high energy costs and dependence on fossil fuels by diversifying the regions energy mix and promoting renewable energy and energy efficiency. The plan was announced following the signing of a Memorandum of Cooperation (MOC) by Nigel Romano, Vice President-Operations (acting) of CDB, Toshiyuki Kuroyanagi, Vice President of JICA and Gerard Johnson, General Manager, Caribbean Country Dept. of IDB.
The agreement lies within the broader context of the staging of the first CARICOM-Japan Summit led by His Excellency Shinzo Abe, Prime Minister of Japan. The aim of the MOC is to identify and support programmes and projects which explore a joint effort for further introduction of renewable energy and energy efficiency in the Eastern Caribbean countries, with a special focus on geothermal development.
“Reducing poverty through inclusive and sustainable social and economic growth, and building resilience to external shocks and natural hazard events underpin all of CDB’s development financing and technical assistance to its Borrowing Member Countries” said Mr Morano. “Within that broad framework, the Bank has been intensifying its focus on renewable energy and energy efficiency.”
The CDB is engaged in actively promoting a new Green Economy paradigm for sustainable growth with renewable energy and energy efficiency offering potential opportunities for the creation of new non-traditional businesses, reduced electricity costs and the boosting of foreign exchange reserves by reducing energy imports. The bank is also promoting the transformation through development financing and technical assistance and will provide further assistance by mobilising private sector participation through Public-Private Partnerships.