Private Investors Submit Proposals for Renewable Energy Projects
Several private investors have submitted proposals for renewable energy projects in Jamaica for government consideration.
Among them is an integrated solar and hydro energy project, which was announced by Prime Minister, the Most Hon. Andrew Holness.
Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Matthew Samuda, noted that these are expected to assist in realising the government’s goal of increasing the ratio of energy generated from renewable options for the national power grid to 50 per cent by 2030.
Senator Samuda further said that this would contribute to a 60 per cent reduction in Jamaica’s carbon dioxide emissions, also being targetted for 2030, in keeping with the country’s Nationally Determined Contributions (NDCs) under the Paris Agreement.
The NDCs embody countries’ efforts to reduce carbon dioxide emissions and adapt to the impacts of climate change.
The Minister was speaking during the inaugural digital staging of the CANCarib Climate Smart Opportunities Summit (CCOS), on Wednesday (July 6).
Senator Samuda, who indicated that there are sufficient funding proposals to enable Jamaica to achieve the power-generation target, said an announcement on the proposals could be made within the next 60 days.
The minister informed that proposals have been presented by stakeholders with investments in energy and some not invested in the sector.
He maintained that the undertaking would be administered in a manner that safeguards stakeholders’ previous investments, adding that “it has to be done in an orderly way that meets our targets and our moral obligations”.
The CANCarib Climate Smart Opportunities Summit is a high-level business initiative that targets the portfolio of cleantech and associated infrastructure projects in Jamaica and was designed to prepare Canadian companies in pursuing opportunities, steps and connections required to bring projects to market.