Energy is a critical input to virtually all aspects of modern life, and “sustainable development is not possible without sustainable energy”.
Therefore, Energy Sector Development is essential for the Caribbean Development Bank (CDB) to fulfil its mission of reducing poverty and transforming lives through sustainable, resilient and inclusive development in its Borrowing Member Countries (BMCs).
Further, transformation of the energy sector in BMCs to one that is characterised by sustainable energy (SE) options is critical for them to achieve their sustainable development and climate change goals. Against this background, CDB, in 2014, included the objective of increasing energy security as a cross-cutting theme in its Strategic Plan, 2015-2019 (SP2015-19) with the promotion of renewable energy (RE) and energy efficiency (EE) as the overarching strategy for improving energy security in BMCs. Accordingly, the Bank in March 2015, developed an Energy Sector Policy and Strategy (ESPS-2015) with a priority focus on RE and EE.