CREF 2025 Market News - Page 3 of 3

Dominican Republic targets 25% renewable energy by 2025
December 6, 2024
The Dominican Republic is aiming to generate 25% of its electricity from renewable sources by 2025, as part of its commitment to energy diversification. Solar energy will spearhead this transition, with penetration expected to grow from 8% to 17% within a year. Source: Net Zero Circle
Bahamas announces US$300 million debt-for-nature swap for marine conservation
December 6, 2024
The Bahamas has refinanced US$300 million of its external debt, securing over US$120 million for marine conservation and climate change mitigation projects. This “debt-for-nature” deal, the fifth of its kind globally, was made with The Nature Conservancy, the Inter-American Development Bank, and other financial partners. Source: AP News
Barbados launches world’s first debt-for-climate resilience swap
December 6, 2024
Barbados has implemented the world’s first “debt-for-climate resilience” swap, unlocking US$165 million for climate adaptation projects. The deal allocates US$125 million to upgrade sewage treatment plants, improving water supplies and reducing marine pollution, alongside investments in water infrastructure, food security, and environmental protection to combat climate change effects. Source: Reuters
CTO advocates for climate-resilient tourism at COP29, urges action for SIDS
November 21, 2024
The Caribbean Tourism Organization (CTO) is using its platform at COP29 in Baku, Azerbaijan, to spotlight the severe climate challenges faced by small island developing states (SIDS), with a focus on the vulnerability of the Caribbean’s tourism sector. As tourism is central to the region’s economy, the CTO aims to highlight the impacts of climate […]
Caribbean Export and CCREEE renew partnership to drive renewable energy and energy efficiency in the Caribbean at COP29
November 21, 2024
At COP29 on Energy Day, the Caribbean Export Development Agency and the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) renewed their Memorandum of Understanding to promote renewable energy and energy efficiency across the Caribbean. The partnership focuses on supporting Caribbean businesses through technical assistance, capacity building, and the joint development of projects to […]
Barbados takes major step towards battery energy storage procurement
November 21, 2024
Barbados is advancing towards procurement of 60 megawatts of battery energy storage systems (BESS), a key step to integrating intermittent renewable energy into the grid. The Ministry of Energy and Business announced that a Request for Information (RFI) for new storage capacity and Competitive Procurement term sheets was launched on November 8. Source: GIS Barbados
EIB and CDB launch US$109.4 million initiative to improve water management and protect Caribbean oceans
November 7, 2024
The European Investment Bank (EIB) and the Caribbean Development Bank (CDB) have launched a US$109.4 million initiative to enhance water supply management and protect the ocean ecosystem across the Caribbean. The funding will support projects aimed at improving clean water access, wastewater treatment, solid waste collection, and flood prevention, while also addressing climate change impacts […]
DOE announces US$325 million for energy resilience projects in Puerto Rico
September 12, 2024
The U.S. Department of Energy (DOE) has announced a US$325 million funding program under the Resilient Communities Program to enhance energy resilience for vulnerable populations in Puerto Rico. The funding, part of the Puerto Rico Energy Resilience Fund (PR-ERF), will support solar and battery storage installations for community health centers, public housing, and subsidized multifamily […]
MPC Capital AG launches an additional 43 MW at solar farm in the DR
September 12, 2024
MPC Capital AG launched an additional 43 MW at the Monte Plata solar farm in the Dominican Republic. The second phase represents a total investment of approximately US$45 million. Source: Renewables Now