August 1 (SeeNews) - The Dominican Republic has the potential to increase the renewable share in its energy mix to 27% by 2030 from 9% now, the International Renewable Energy Agency (IRENA) said last week.
For the country to reach this target, IRENA estimates that an annual investment of USD 566 million (EUR 506.9m) is needed between now and 2030, which in turn can result in net annual savings of up to USD 5.3 billion for the Caribbean country, when one takes into account the effect on human health and reduced emissions.
The report "Renewable Energy Prospects: Dominican Republic", also points out that the country could increase the share of renewables in its power sector alone from 12% to 44% in the next 14 years.
IRENA’s Director of Innovation and Technology Centre, Dolf Gielen believes the Dominican Republic can become one of the leading countries in its region for renewable energy deployment.
This report is part of IRENA’s renewable energy roadmap, Remap 2030, released in support of doubling the renewable energy share in the global energy mix by 2030.
(USD 1 = EUR 0.896)