Feb 23, 2015 (SeeNews) - The Caribbean Development Bank (CDB) is expanding the range of funding and technical assistance to encourage investments in energy efficiency and renewable energy despite lower oil prices.
Solar, wind and geothermal energy are the priorities, the bank's renewable energy manager Tessa Williams Robertson has said, quoted in a press release last week.
CDB is developing special products such as a geothermal energy facility and the programme of Sustainable Energy for the Eastern Caribbean. There are talks with donors and contributors about the geothermal facility, while the other programme is close to approval and will likely combine CDB resources with European grant funding for investments and technical assistance in the field of energy efficiency and renewable energy.
Despite recent declines in oil prices, CDB's member countries continue to depend on imported fuel and have high electricity costs compared to competitor countries.