Boosting Climate Resilience: Preparing and De-risking Renewable Energy Projects in the Caribbean

Fri, December 1, 1:00-2:00 p.m. GST (GMT+4)

CARICOM Pavilion, COP28 Blue Zone, Dubai, UAE

More than 44 million people in the Caribbean still rely on vulnerable, fossil-fuel based electricity systems. Yet the Caribbean also represents $80 billion investment or market potential that is being overlooked.  Although host to many successful first-of-their kind energy projects, the Caribbean remains stuck in this demonstration step of the energy transition. This is because the majority of Caribbean clean energy projects need support to become attractive to investors and survive the early stages of project preparation and development.

Small Islands Developing States (SIDS) often lack sufficient funding for thorough project preparation, including a checklist of activities, such as running feasibility and environmental impact studies and preparing the site for construction, that makes a project “investor ready.”

This event at COP28 hosted by RMI will bring together Caribbean government representatives, leaders from SIDS, investors and finance experts to discuss avenues to mobilize climate capital and radically scale the energy transition in the Caribbean, functioning as a model for other countries in the Global South. The discussion will focus on collective action toward practical solutions to break through project preparation barriers, hindering the number of projects ready for investment.