IDB Funds Energy Efficiency in the Caribbean

28 January 2009: The Inter-American Development Bank (IDB) recently approved three projects to support energy efficiency in the Caribbean. The Bahamas will receive US$1.45 million to strengthen the capacity of the Ministry of the Environment and support ongoing efforts to reform the country's regulatory, financial and fiscal frameworks, in order to achieve a sustainable energy matrix and to encourage energy efficiency in public, commercial and residential buildings.

Barbados will receive US$1 million for the development of a Sustainable Energy Framework, which will contribute to achieve affordable and sustainable energy and minimize dependency on fossil fuels.

Finally, a US$1 million grant will launch the Caribbean Hotel Energy Efficiency Action Program (CHENACT), which will finance the adoption of energy saving technologies in the region's small, medium and large hotels, thereby helping them to reduce one of their largest operating costs. The programme will also partner with the UN Environmental Programme to help hotels phase out the use of ozone-depleting substances in chillers, air conditioners and refrigerators. [IDB Press Release]