World Bank Project for Energy Efficiency

Energy and Mining Minister, Hon. James Robertson, says US$2.5 million is being provided through the World Bank’s World Energy Security and Efficiency Project, to drive improvements in energy efficiency within the private sector.

He made the disclosure at Wednesday’s (September 15) launch of the European Union (EU)-funded ‘Capacity Building of Caribbean Private Sector Environmental and Energy Management Capabilities’ project at the Jamaica Pegasus Hotel, New Kingston. The provision will go towards financing a pilot energy efficiency revolving facility, with grant funds to be sourced from the Global Environmental Facility and the Multi-lateral Fund for Implementation of the Montreal Protocol as needed, to support the proposed facility and technical capacity downstream.

The aim, the Minister said, is to ensure sustainable access to and utilisation of renewable and energy efficient equipment, within the private sector. He indicated that if the pilot is successful, additional resources will be made available, emphasising that “guarantees have been put forward.”

“That application has been made. We have applied for additional funding from the World Bank for up to US$4.5 million for this and other programmes. We anticipate approval as soon as the current initiatives prove successful,” Mr. Robertson stated. The additional funding will provide for the expansion of the loan facility to householders, to enable them to access solar water heaters and other energy conservation and efficiency systems for their homes “at low interest rates”.

Read more – JIS

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