Two agreements were signed yesterday following the Caricom/Japan Summit:
1) A memorandum of cooperation on “the Promotion of Renewable Energy and Energy Efficiency in the Eastern Caribbean Region” was signed yesterday between the Inter-American Development Bank, the Caribbean Development Bank and Japan International Cooperation Agency.
The MOC is designed to help countries of the Eastern Caribbean region attempting to tackle high-energy costs and seeking to reduce dependence on fossil fuel-generated energy by diversifying energy grids and promoting renewable energy and energy efficiency as a matter of urgency.
Under the MOC, the CDB, IDB and JICA will explore the possibilities of concessional loans for the CDB from IDB and JICA; implementation of technical assistance which would help the partner countries.
2) Caricom and Japan also “exchanged notes” on a climate change project following their first summit.
The exchange of notes involved Japan’s Grant Assistance to Caribbean countries for the project entitled “ Japan-Caribbean Climate Change partnership”. This US$15-million project aims to build the capacity of selected Caricom members to cope with climate change. They include Guyana, Grenada, Jamaica, Suriname, St Vincent and the Grenadines, St Lucia, Dominica and Belize.
Through the “Project for Japan-Caribbean Climate Change Partnership” to be implemented by the UNDP, Japan said it aimed to assist Caribbean countries in developing and implementing climate change policies, to promote the transfers of adaptation and mitigation technologies through various pilot projects in selected countries and to build a regional platform for information sharing.