Dominica Government Approves Financing Mechanism To Assist National Transition To Low Carbon Climate-Resilient Economy

• The Government of Dominica has approved the establishment of a National Financing Vehicle (NFV) to provide financial and technical support to renewable energy, energy efficiency, blue economy and low carbon projects. 
• The objectives of the NFV include: supporting the government’s policy objectives on transitioning to a low carbon climate resilience economy by making available long-term affordable climate finance; attracting private sector investments; supporting the use and application of renewable energy and energy-efficient technologies in Dominica and; to develop the local capacity to underwrite climate finance projects. 
• Permanent Secretary in the Ministry of Planning, Economic Development, Climate Resilience, Sustainable Development, and Renewable Energy, Gloria Joseph noted that the capability of the Government of Dominica and the local private sector to finance climate change mitigation and adaptation projects is limited. It is believed that the increased adoption of sustainable energy technology can free up some space by means of reducing operational expenses, but investments to make this happen is often lacking. 
• The government also recognizes the key role of the private sector for national success in the implementation and achievement of climate mitigation and adaptation actions; however, they are mindful of the financial barriers to the private sector in performing this role. As such, the Government of the Commonwealth of Dominica is in part utilizing the green climate fund to provide substantial facilitation services to the private sector to allow for the execution of this function.

(Source: Dominica News Online)