BRIDGETOWN, Barbados – The Caribbean Development Bank has signed an agreement with the Green Climate Fund that will unlock US$68.7 million in financing to support renewable energy development and energy efficiency improvements in Barbados, Belize and Jamaica.
The agreement forms part of the first phase of the Integrated Utility Services programme, which aims to help households and businesses access cleaner energy technologies without facing substantial upfront installation costs.
Under the initiative, participating electricity utilities will provide financing for eligible technologies, including rooftop solar panels, battery storage systems, solar water heaters, energy-efficient air conditioning units and LED lighting.
Customers will repay the costs through their monthly electricity bills.
The programme is expected to help reduce dependence on imported fossil fuels, which continue to expose Caribbean countries to fluctuating international energy prices.
The financing package includes approximately US$26.74 million from the Green Climate Fund, with additional contributions from the Caribbean Development Bank and participating electricity utilities.
The three national utility companies involved are Barbados Light and Power Company Limited, Belize Electricity Limited and Jamaica Public Service Company Limited.
The initiative is expected to establish a model that could eventually be expanded to other Caribbean Development Bank borrowing member countries.
The agreement represents another regional effort to strengthen energy security, encourage sustainable development and reduce the Caribbean’s vulnerability to global fuel price fluctuations.
