(MENAFN- Caribbean News Global)
By the government press office | BELIZE
BELMOPAN, Belize – The Ministry of Finance, Economic Development and Investment, Belize’s Designated National Authority (NDA) to the Green Climate Fund (GCF) under the leadership of Dr Osmond Martinez, announced the GCF approval of a BZ $ 1.6 million grant through the Project Preparation Facility (PPF) for the preparation of a new program being developed by the Caribbean Development Bank (CDB) in collaboration with the CARICOM Secretariat and GIZ (the German Agency for International Cooperation).
The program, “Intensifying the Deployment of Integrated Utilities (IUS) to Support the Transformation of the Caribbean Energy Sector” will help local businesses, households and other customers of electric utilities to invest in renewable energy (RE) and energy efficiency (EE) measures such as rooftop photovoltaic solar energy, battery storage, more energy efficient equipment and energy saving devices.
The program will support these investments by working with / through Belize Electricity Limited, which will take on an energy services business type role in the local energy services market; provide businesses, households and other utility customers with a simple and affordable way to invest in (and own) RE and EE equipment and devices.
It will bring three major benefits to utility customers: (i) reduction of their energy costs and bills, particularly in the medium term; (ii) reduce their personal carbon footprint and, by extension, that of Belize’s larger energy system; and (iii) strengthen their resilience in the face of potential power cuts due to storms and other extreme weather events which are becoming more and more frequent and intense due to climate change.
The NDA will ensure that key energy sector stakeholders and other government officials, as well as local households and businesses, are engaged to complete the design and other preparatory work. The resulting funding proposal will enable the CBD to mobilize the resources (estimated at US $ 50 million) necessary to finance and implement the program described above over the next few years in Belize and in three other countries of the United States. Caribbean.
As stated by Dr Martinez, Director General of the Ministry of Finance, Economic Development and Investment, the goal is to transform the economy on a low-emissions and climate-resilient path towards sustainable development.
Related: GCF Approves Funding for Grant for National Water Adaptation Planning Project in Belize
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