Representatives of various institutions in Jamaica are currently participating in a workshop that aims to improve their financial literacy in complex Energy Service Company (ESCo) projects.
Public, financial and private institutions are represented at the three-day workshop which began on Monday morning at the Jamaica Pegasus Hotel.
The workshop is being convened by the CARICOM Secretariat with the joint support from the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) through Renewable Energy and Energy Efficiency Technical Assistance (REETA) Programme (GIZ-REETA); USAID Caribbean Clean Energy Programme (CARCEP); United Nations Environmental Programme – Global Environment Facility (UNEP GEF); and Build Better Jamaica and National Housing Trust.
The transition to a mix of energy systems from regional electricity grids that are based solely on fossil fuels requires major strategic financing, according to bankers and energy officials.
Finance was as a key topic of discussion at the Fifth Caribbean Sustainable Energy Forum (CSEF V) held in The Bahamas in 23-25 January, 2017, under the theme ‘Future Energy 2027’, with key figures calling for appropriate means of funding energy transition.
One of the main objectives of the Forum was to propose actions to support the ability of Member States to attract the right type of capital that is capable of delivering sufficient financing for sustainable energy deployment. During one of the panel discussions on the final day of the energy forum, participants explored the structure and level of funding, and the kinds of partnerships required to move energy transition along. There was a clear call for more private sector involvement and for a special component at the next Energy Forum that would focus on engagement with the business community to shape the culture that has to evolve to attract investment.
Financial viability, technical assistance and capacity-building, transparent procurement systems and absorptive capacity, were among the matters that participants felt were critical to attracting the kind of investment in energy in the Region. (more…)