From L to R: Dr. Colin Young, Executive Director of the CCCCC and Mr. Rodinald Soomer, Chief Executive Officer of the CARICOM Development Fund.
Bridgetown, Barbados. 27 February 2025: The CARICOM Development Fund (CDF) and the Caribbean Community Climate Change Centre (CCCCC) have signed a Memorandum of Agreement (MoA) to upscale investment in Renewable Energy (RE) and Energy Efficiency (EE) projects across the Caribbean region. The signing took place at the BTEC Conference Room in Belize City, marking a significant step in driving climate action and enhancing regional resilience.
The partnership, aims to mobilize at least US$50 million in domestic financing for RE and EE projects among Small and Medium Enterprises (SMEs) in CDF’s 12 Member States through the CDF’s Credit Risk Abatement Facility (CRAF). This initiative will support SMEs in overcoming financing barriers and unlocking new opportunities for sustainable energy solutions across the region.
The collaboration will leverage the strengths of both organizations to address critical needs within the RE and EE sectors. Key components of the project include:
- SME Project Preparation to Bankability: Providing technical assistance to help SMEs develop viable, investment-ready projects.
- Market Awareness and Regulatory Support: Enhancing knowledge of RE and EE solutions and facilitating regulatory improvements.
Capacity Building Across the CRAF Ecosystem: Delivering comprehensive training to key stakeholders, including financial institutions and energy experts, to strengthen climate finance ecosystems. Speaking about the partnership, [Mr. Rodinald Soomer], [Chief Executive Officer] of the CDF, stated, “This partnership represents a transformative step towards fostering a more climate-resilient Caribbean. By unlocking climate finance for SMEs, we are not only promoting sustainable economic growth but also accelerating the region’s transition to clean energy.”
Dr. Colin Young, Executive Director of the CCCCC, echoed those sentiments and added, “The signing of this MoA underscores our commitment to collaborative climate action. Together, we will build the capacity and resilience of our Member States, ensuring that vulnerable communities have greater access to clean energy solutions.”
The CDF and CCCCC are dedicated to ensuring that this collaboration delivers tangible benefits for the people of the Caribbean, enhancing energy security, supporting institutional and regulatory frameworks, and promoting sustainable development. This initiative is a crucial step in the Caribbean’s journey toward a more sustainable and resilient future.
