Jamaica Awaits US$300 Million in Investments for Renewable Energy

Minister of Economic Growth and Job Creation, Hon. Daryl Vaz argues that energy consumption is a big issue facing Jamaica’s economy.

During a recent Sectoral Debate for 2017/2018. The minister made a point of mentioning, while Jamaica still relies heavily on fossil fuel imports “it has become clear that the world is transitioning to a low-emission economy”.

Mr. Vaz stated, “if we are to achieve any form of sustainable development”, this issue must be addressed. Accordingly, Mr. Vaz said more renewable energy projects are being pursued. Hence, more jobs will be generated. The Administration has established an Enterprise Team to explore the potential for developing a waste-to-energy initiative.


As securing funds from the Green Climate Fund will register as a milestone towards Jamaica’s aim to source 30% of its power from renewable energy sources by 2030.

Honorable Daryl Vaz

Image result for andrew wheatley

Honorable D, Andrew Wheatley

 

On ‘track’ with Utilizing more Renewable Energy Resources

We know Jamaica enjoys a good race. And surpassing 74 countries. Jamaica has moved up from 166 to 92 on the World Economic Forum’s Global Energy Architecture Performance Index for 2017. This report assesses countries ability to deliver secure, affordable, sustainable energy.


Minister of Science, Energy, and Technology, Dr. Andrew Wheatley, when speaking at the Sectoral Debate. Noted that licenses have been awarded to Eight Rivers Energy Company to supply up to 37 MW (megawatts) of electricity from a solar photovoltaic (PV) plant located in Westmoreland.


The Minister stated that Jamaica added 80 (MW) of generating capacity from renewable sources last year, 10.5% of the net electricity generated.

Furthermore, the Government has estimated that more than 50% of Jamaica’s electricity demand, which is almost 700 MW, will be met by renewable energy sources within the next two years.

For this reason, the government anticipates that based on the systems and projects put in place to advance renewable energy. In addition, the economy. The Green Climate Fund, which assists developing countries in adaptation and mitigation practices to counter climate change, will invest JMD$38 Billion (USD$300 Million).


Sources

  1. http://www.climateactionprogramme.org/news/jamaica-seeks-300-million-in-renewable-energy-investments
  2. http://www.climateactionprogramme.org/news/jamaica-on-track-for-30-renewable-energy-by-2030
  3. http://jis.gov.jm/govt-targeting-38-billion-alternative-energy-investments/
  4. https://www.weforum.org/reports/global-energy-architecture-performance-index-report-2017

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