The United Arab Emirates has unveiled a $50m fund for renewable energy projects in Caribbean island countries.
The package marks one of the largest-ever single investments in the Caribbean’s clean energy sector and was announced yesterday at Abu Dhabi Sustainability Week.
The grant funding is being provided by the Abu Dhabi Fund for Development (ADFD), is managed by the UAE Ministry of Foreign Affairs and will be implemented by clean energy company Masdar.
ADFD director general Mohammed Saif Al Suwaidi said in the Caribbean island countries, “securing a stable and efficient supply of energy is a pivotal policy of each nation’s growth strategy.” He said the fundings would help the Caribbean “unlock their underutilised wind and solar potential to drive energy security, job creation and socio-economic development”.
Masdar chief executive Mohamed Al Ramahi said that renewable energy “is an extremely competitive option for communities in the Caribbean, where there is tremendous natural potential a number of technologies”.
“Caribbean islands typically face high costs for power generation, so unlocking this potential offers opportunities for both savings and growth, providing a powerful catalyst for sustainable social and economic development.”