Industry News

Caribbean Regional Energy Efficiency Pilot Financing Facility

Belize will see the Caribbean’s first Energy Efficiency Financing Facility.  The Caribbean Community Climate Change Centre (CCCCC/5Cs) and the Development Finance Corporation (DFC) will be partnering to launch the Facility for investments in Energy Efficiency (EE) and Renewable Energy.

The new EE Financing Facility was made possible with a grant of USD 200,000 under the Global Environment Facility-United Nations Environment Programme (GEF-UNEP) Energy for Sustainable Development in Caribbean Buildings (ESD) Project, with co-financing of USD 800,000 from the DFC. The pilot financing facility is intended to provide the foundation for the development of a self-sustaining financing window within the DFC to facilitate increased investments in EE and RE.  The work was jointly spearheaded by the DFC, the CCCCC/5Cs and the Caribbean Development Bank (CDB), with assistance from the GEF and UNEP, in developing innovative sustainable energy solutions that benefit the country and people of Belize.

It is recognized that globally, buildings account for over a third of total energy use and associated greenhouse gas (GHG) emissions; typically, 10% to 20% (depending on building type) of the total life‑cycle energy consumed is used for the manufacturing and assembly of building materials, construction, maintenance, refurbishment and demolition. Some 80% to 90% is used over the life of the building for heating, cooling, lighting and ventilation, house appliances, etc. In Belize, for example, the buildings sector (commercial, domestic, and institutional) is the largest consumer of electricity and accounts for more than 90% of total electricity consumption. It is therefore, the largest source of GHG emission after the transportation sector.

The Project aims to achieve a minimum reduction of 20 % in electricity use in the pilot activities that are to take place during 2014 – 2018.

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