Francesco La Camera, the Director-General of the International Renewable Energy Agency (IRENA), believes that the Caribbean holds significant potential for a large-scale offshore wind farm project. La Camera highlighted the agency’s request to develop an idea for offshore wind projects in the region, emphasizing the immense opportunities available, including solar energy and agri-food initiatives.
During a press conference at the Caribbean Cooperation for Fostering Energy Transition Investments and Finance conference held at Hilton Barbados, La Camera shared that IRENA’s Climate Investment Platform (CIP) is already working on several projects in the Caribbean, including a geothermal project in St. Kitts and Nevis and Dominica.
He expressed satisfaction with the progress made through the CIP, which has received 400 renewable energy project proposals from developing countries. The CIP boasts over 300 partners, including major multilateral financial institutions, and is actively building a robust pipeline of renewable projects. La Camera noted that a substantial number of project proposals originate from the least-developed countries and small island nations.
La Camera emphasized the need for massive investments in energy transition technologies to keep the world on track for the 1.5°C pathway. He revealed that an estimated $35 trillion should be invested in such projects by 2030. Highlighting IRENA’s forthcoming World Energy Transition Outlook 2023, he stressed the necessity of cumulative investments totaling $44 trillion over the next seven years, with 80% allocated to energy transition technologies. These investments are crucial for achieving immediate and substantial emissions reductions.
To mobilize the required level of investments, La Camera called for enabling frameworks and a steady stream of investor-ready and scalable renewable projects. IRENA is committed to supporting Caribbean islands in expediting project development and facilitating access to finance. La Camera acknowledged the unique challenges faced by small island developing states in attracting clean energy investments and urged governments and the energy industry to proactively address barriers and promote inclusivity.
Linda Taglialatela, the US Ambassador to Barbados, echoed the sentiment of collaboration and emphasized the importance of accelerating renewable energy projects in the Caribbean region. She called for unified efforts to implement sustainable goals efficiently, reducing energy subsidies and enhancing energy security. Taglialatela mentioned the upcoming visit of Vice-President Kamala Harris to The Bahamas on the first anniversary of the launch of the US/Caribbean Partnership to Address the Climate Crisis. She highlighted the significant progress made by the US in increasing development financing, facilitating clean energy projects, and fostering shared partnerships within the region.
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