The event convenes key stakeholders to close the financing gap in Small Island Developing States (SIDS) by driving investments in the energy transition
Bridgetown. Barbados, 30 May 2023 – Today, the International Renewable Energy Agency (IRENA), in collaboration with the Government of Barbados and other key stakeholders, launched a conference aimed at accelerating energy transition investments in the Caribbean.
The event, inaugurated by IRENA Director-General Francesco La Camera and Barbados Senior Minister and Minister of Foreign Affairs and Foreign Trade Kerrie Symmonds, gathers over 200 participants, including Caribbean SIDS Ministers, power utilities, private sector representatives, regional and international investors, project developers, and development partners.
“As we look towards COP28 and beyond, IRENA stands resolute in its commitment to working with Caribbean SIDS and partners to deliver transformative solutions for all small islands,” stated Mr. La Camera in his opening remarks. “Together, we can empower the region to fight the climate crisis, bolster economic growth and sustainable development and secure a better future for its citizens.”
“The IRENA-Caribbean Cooperation for Fostering Energy Transition Investments and Finance” conference, taking place from May 30 to June 1 under IRENA’s SIDS Lighthouses Initiative, is in partnership with the Caribbean Climate-Smart Accelerator, the Caribbean Development Bank and the Caribbean Centre for Renewable Energy and Energy Efficiency.
Since the SIDS Ministerial held during the 13th IRENA Assembly in January 2023, there has been increased urgency to remove the barriers hindering the development of sustainable and bankable renewable energy projects in SIDS.
Responding to this urgency, the three-day forum in Barbados supports small island renewable energy project developers in preparing bankable projects and tackling administrative hurdles in securing financing. The event also provides a platform to share best practices related to renewable energy financing, implementation, and its impact in the Caribbean.
A report titled: “The Small Island Developing States Lighthouses Initiative Annual Progress Report 2023” was also launched at the conference. The report details the progress made by SIDS across the SIDS Lighthouse Initiative's 11 Priority Areas from 2021-2022, supported by partners and relevant stakeholders, to achieve their Sustainable Development Goals and Nationally Determined Contributions towards the Paris Agreement.