The US Trade and Development Agency (USTDA), the US Department of Energy (DOE) and the Inter-American Develop-ment Bank (IDB) on Wednesday signed a memorandum of understanding (MOU) to promote the sustainable use of energy in the Caribbean region.
According to a press release from the IDB, the MOU creates a framework for cooperation to promote programmes and activities that foster the transformation of the energy sector in the Caribbean.
It is intended to increase energy security, reduce energy vulnerability, and promote renewable energy, energy efficiency, and low-carbon technologies within the region.
Collaboratively, the three institutions will develop and support strategic projects and activities in cooperation with the regional governments, such as non-reimbursable technical assistance and programmes to promote knowledge exchanges, capacity building activities, and help mobilising technical expertise.
An action plan for the implementation of the MOU will be developed by all three bodies, which will detail expected timelines for implementation, definition of success, planned collaborative activities, and potential contributions.
Among the first initiatives is a technical visit to the United States hosted by the USTDA for regional water utility companies to introduce them to energy efficiency technologies and industry best practices.
In addition, the MOU will support the global United Nations Sustainable Energy for All (SE4All) initiative’s three strategic priorities: ensuring universal access to modern energy services, doubling the global rate of improvement in energy efficiency and doubling the share of renewable energy in the global energy-mix by 2030.
Within the MOU’s framework is the promotion of collaboration for a potential Energy Co-financing Facility for Carib-bean Sustainability to be developed by the IDB, with an emphasis on attracting international investors to the region.
“Leadership amongst USTDA, IDB and the Department of Energy is an example of how strategic partnerships can help regions around the world combat climate change to reduce carbon emission and support low-carbon economies in the 21st century,” US Energy Secretary Ernest Moniz was quoted as saying in the release.
