Despite negligible carbon footprints, island states have set some of the most ambitious renewable energy targets in their national policies and climate goals. By adopting renewable energy, Caribbean Islands can reduce their fossil fuel dependence, cut energy costs, create local employment and increase their climate resilience.
The Member States of the Caribbean Community (CARICOM) have set a regional target of 47% renewable energy contribution to total electricity generation by 2027. Caribbean Islands will need to add 4 GW of renewable energy capacity, requiring approximately USD 9 billion in additional investments to comply with their NDCs.
Through the SIDS Lighthouses Initiative (LHI), IRENA supports Small Island Developing States (SIDS) in their energy transition through policy, regulatory and technical advisory services, in addition to knowledge sharing, capacity building, funding for early-stage transactions and project finance. For the 15 Caribbean Islands that are SIDS LHI partners, the total installed capacity in the power sector amounts to approximately 1936 MW, which is made up of 743 MW hydropower, 640 MW of bioenergy, 327 MW of solar photovoltaic and 225 MW of wind energy.
The Caribbean Investment Forum aims to scale up renewable energy investments in the region, support project development and implementation, and contribute to the creation of policy and regulatory frameworks conducive to renewable energy investments.
The regional forum is part of IRENA’s contribution to the Climate Investment Platform (CIP), which aims to advance sustainable energy projects to investment maturity and facilitate their access to finance.
Key forum activities include matchmaking between projects, project developers, and potential financiers and investors. Renewable energy projects, along with renewable-based electricity grid and energy efficiency projects, may be considered for support.
Submit a Request to obtain support for project development and/or access to finance for a renewable energy project in the Caribbean.