The United Arab Emirates has launched a $50 million renewable energy project fund to support renewable energy projects in the Caribbean.
Announced earlier this week, the United Arab Emirates (UAE) launched the $50 million fund to support renewable energy projects in Caribbean island countries. Launched by Reem bint Ibrahim Al Hashemi, Minister of State for International Cooperation, the UAE-Caribbean Renewable Energy Fund represents one of the single-largest investments into the Caribbean’s clean energy sector, while simultaneously deepening bilateral ties between the two regions.
The $50 million in funding will be provided by the Abu Dhabi Fund for Development (ADFD), with the UAE Ministry of Foreign Affairs and International Cooperation managing the initiative, while Abu Dhabi’s renewable energy company, Masdar, will lead implementation.
The announcement was made on the sidelines of Abu Dhabi Sustainability Week, which had already seen the ADFD announce in tandem with the International Renewable Energy Agency $44.5 million in funding for four separate energy projects throughout the Pacific and Africa. This latest round of funding also serves to bring the amount of financial developmental assistance the UAE has provided up to almost $1 billion since 2013.
“We are honoured to open this new chapter in the growing relationship with Caribbean countries,” said Reem Al Hashemi. “The two oceans between us are not the barrier they once were, and we are bringing fresh eyes and enthusiasm to each other’s markets and aspirations. We’re especially pleased to join forces under the UAE-Caribbean Renewable Energy Fund, which can simultaneously drive achievement of the Paris Climate Agreement and the Sustainable Development Goals.”
“The renewable energy sector stimulates economic growth and employment, it underscores innovation and it capitalises on resources, all leading pillars in improving day-to-day living standards,” added Mohammed Saif Al Suwaidi, Director-General, Abu Dhabi Fund for Development. “ADFD’s steady and unwavering vision is to underpin developing countries in achieving their goals by forging new partnerships and funding multiple key sectors, notably the renewable energy sector, the main catalyst for sustainable long-term growth.
“In the Caribbean island countries, securing a stable and efficient supply of energy is a pivotal policy of each nation’s growth strategy. ADFD is proud to have partnered with Masdar and share its expertise to support the Caribbean nations as they unlock their under-utilised wind and solar potential to drive energy security, job creation and socio-economic development.”