Latin America and the Caribbean get Energy Efficiency Boost

The Inter-American Development Bank (IDB) and the Japan International Cooperation Agency (JICA) signed a Memorandum of Understanding to support energy efficiency and renewable energy in Latin America and the Caribbean.

The Memorandum is designed for the mitigation of climate change, one of the key priorities of the JICA in its aim to increase assistance and strengthen climate change operations in Latin America and the Caribbean (LAC).

The region’s global greenhouse gas emissions rate is currently 12 percent, which is relatively small but is expected to grow. In addition, the LAC region contributes more to the greenhouse gas emissions per capita compared with other developing countries, such as China and India.

In this context, JICA and the IDB signed the Memorandum to establish a new co-financing framework to proactively support energy efficiency and renewable energy promotion programs and projects in Central America and the Caribbean. The framework includes JICA’s long-term concessional loans of up to $300 million for the next five years.

The Memorandum will also enhance JICA’s support for the IDB’s Energy Innovation Center launched jointly with the U.S. Department of Energy last year. The center serves as a regional incubator for cooperation, resource mobilisation and knowledge dissemination. The center recently held a successful seminar on energy efficiency in Tokyo.

Picture by Arvind Grover

Tuesday 18th January 2011

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