Cariforum and the European Commission (EC) recently inked a US$2.45M financing agreement to support the Caribbean in the sustainable management of its energy resources.
A press release from Caricom said as part of its total it is contributing US$200,000. The objective of the project is to increase the contribution from renewable energy sources to the overall energy consumption of Cariforum countries. This will put the Community on track towards “a cleaner, more secure and more competitive energy future, while also making a contribution to the global reduction of greenhouse gas emissions and pollution.”
According to Caricom the Energy Agreement has its origins in a larger programme coordinated by the Inter-national Development Part-ners and is valued US$38M. It targets Cariforum member states, the Economic Com-munity of West African States including the West African Economic and Monetary Union Region, the Pacific ACP states and the Southern African Development Com-munity Region. The Agree-ment aims to contribute to the attainment of the Millennium Development Goals by reducing poverty through improved Regional cooperation and targeted action for the poor (mainly rural and peri-urban populations) in the energy sector. The EC is contributing more than US$10M to the overall programme.