The Organisation of Eastern Caribbean States (OECS), the Eastern Caribbean Solar Challenge and the Alliance for Rural Electrification (ARE) co-organised a dialogue on Advancing Policy & Mobilising Investment: The Eastern Caribbean Solar Challenge on 2 September 2021. The event was supported by the Caribbean NDC Finance Initiative (NDCFI), GIZ, the Caribbean Development Bank (CDB) and GET.invest, a European programme that mobilises investments in decentralised renewable energy, supported by the European Union, Germany, Sweden, the Netherlands, and Austria.
Considering the global COVID-19 pandemic and the ensuing travel difficulties, the event was held virtually.
The Eastern Caribbean region is particularly vulnerable to climate change. In order to support Eastern Caribbean governments accelerate their energy transition to low-carbon economies, the Caribbean NDC Finance Initiative (NDCFI) has embarked on a bold and exciting new renewable energy initiative. The Eastern Caribbean Solar Challenge: “Race to the Sun” aims to engage governments, the private sector, development partners and households in a united effort to increase the diffusion of solar electricity and heating across the region by the end of 2023.
The event highlighted key opportunities provided by the Eastern Caribbean Solar Challenge and the different ways to get involved. Furthermore, the sessions showcased innovative decentralised renewable energy (DRE) solutions, particularly solar-based, and business models from DRE practitioners working on the ground, complemented with useful insights on policy and financial opportunities for domestic and international DRE companies and investors to enter or scale up in the Caribbean market.
The event covered three overarching themes:
- Theme 1: The Eastern Caribbean Solar Challenge: presentation of the initiative and ways to get involved.
- Theme 2: Opportunities, barriers and solutions to scale up DRE investments in the Eastern Caribbean market.
- Theme 3: Practical insights for domestic and international DRE companies and investors to enter or scale up in the Eastern Caribbean market, with a particular focus on innovative technologies and business models, policy frameworks and financial opportunities.
The event featured:
- Presentation of the Eastern Caribbean Solar Challenge;
- Interactive topical discussion with policy, financier and DRE company representatives pertaining to the key themes of the event;
- Presentations from selected private sector companies and start-ups on innovative DRE business models and technologies, market conditions and funding opportunities;
- Virtual GET.invest Matchmaking to increase partnerships.