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ABU DHABI / WAM
The UAE announced a landmark new US$50 million grant fund for renewable energy projects in Caribbean island countries. Launched by Reem bint Ibrahim Al Hashemi, Minister of State for International Cooperation, the UAE-Caribbean Renewable Energy Fund represents one of the largest-ever single investments in the region’s clean energy sector, as well as a significant deepening of bilateral relationships between the UAE and Caribbean countries.
Grant funding is provided by the Abu Dhabi Fund for Development (ADFD) with the UAE Ministry of Foreign Affairs and International Cooperation managing the initiative, and Masdar, Abu Dhabi’s renewable energy company, leading implementation.
The announcement, which brings UAE development assistance for renewable energy to almost $1 billion since 2013, was made on the sidelines of Abu Dhabi Sustainability Week
as part of the annual General Assembly meeting of the International Renewable Energy Agency (IRENA).