Caribbean Secures $69M Green Energy Fund for Regional Transformation
CARICOM launches $69M renewable energy program for Barbados, Belize, and Jamaica, funded by Green Climate Fund and partners. The initiative aims to benefit 40,000 residents and reduce fossil fuel dependency.
Solar panels installation in the Caribbean as part of CARICOM's renewable energy initiative
The Caribbean Community (CARICOM) Secretariat announced today a major renewable energy initiative worth $69 million to transform the energy sector in Barbados, Belize, and Jamaica. The program, backed by the Caribbean Development Bank (CDB) and the Green Climate Fund (GCF), marks a significant step toward regional sustainable energy independence.
Strategic Investment for Clean Energy Transition
The initiative, approved on July 3, 2025, comprises $27 million from the Green Climate Fund and $42 million in co-financing. This comprehensive funding package aims to accelerate the adoption of clean energy solutions, particularly solar power and energy efficiency measures, while reducing fossil fuel dependency in the region.
"This program will strengthen regional energy security with climate-resilient and accessible solutions," stated CDB President Daniel Best, highlighting the strategic importance of the initiative.
Economic and Environmental Impact
The six-year program is expected to benefit over 40,000 people across the three participating nations, with potential expansion to other Caribbean countries in a second phase. This transformation aligns with broader regional efforts for economic transparency and sustainable development.
Key Program Benefits:
- Reduction in greenhouse gas emissions
- Lower energy costs for households and businesses
- Enhanced energy security for the region
- Creation of green jobs and economic opportunities
This initiative represents a significant milestone in the Caribbean's journey toward energy independence and sustainability, building on regional efforts for economic development and environmental stewardship.
Adrian Singh
Business reporter focused on economic freedom, foreign investment, and institutional transparency.