The International Finance Corporation is co-hosting “Caribbean Tourism: The Energy Forum” in Punta Cana at the Barcelo Bavaro Palace from 10-11 December. The forum beings together global experts to share expertise in energy efficiency and renewable energy for the Caribbean’s tourism industry. The goal is to promote sustainable energy opportunities in the Caribbean. IFC is a member of the World Bank Group and is helping to reduce energy costs in the region by supporting regulatory reforms that promote clean energy and by helping local banks to provide the finance needed to develop sustainable energy sources. The program has the support of the Department of Foreign Affairs, trade and Development of Canada.
In the Dominican Republic, for example, Banco BHD has an active line of credit with IFC to finance sustainable energy projects and also received advisory services. “Banco BHD has identified sustainable energy finance as a strategic business opportunity,” said Steven Puig, general manager of Banco BHD in Santo Domingo. “We have been very pleased that IFC’s know-how and long-term funding have facilitated our leadership in bringing cost-efficient and cleaner energy solutions to the Dominican Republic.”
“High energy rates have long been the Caribbean’s Achilles heel; many countries allocate a significant part of their budget to importing energy. At the same time, they are vulnerable to the environmental impacts associated with fossil-fuel consumption, such as air pollution, rising sea levels, and coral bleaching,” said Jun Zhang, IFC Senior Manager for the Caribbean. “Transforming energy use is critical to their economic future and environmental sustainability.”
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