Stakeholders from the Caribbean energy sector are meeting this week to discuss key issues affecting the industry, including sustainable financing, renewables and energy efficiency.

The CARICOM Secretariat is partnering with the CARICOM Development Fund and the German Agency for International Cooperation to host a workshop in Suriname that runs 25-26 July.

The workshop will review plans for a Credit Risk Abatement Facility (CRAF) for the energy sector which aims to facilitate funding for renewable energy projects and initiatives that increase energy efficiency.

Small and Medium-sized Enterprises (SMEs) make up the bulk of Caribbean businesses and the CRAF wants to help these firms in particular, hoping to overcome their funding challenges.

During the forum this week, project leaders will discuss and determine the details of the CRAF – including provisions for technical assistance and a monitoring and evaluation framework.

The second phase of the initiative will involve establishing innovative finance mechanisms with an emphasis on their accessibility to local and regional project developers.