IFC funds first energy efficient programme in the Caribbean for the benefit of Dominican Republic holidays
For the future of greener, more sustainable Dominican Republic holidays, the IFC will be financing a $20 million programme to make the country more energy efficient and for the better utilisation of its resources.
To improve energy efficiency in the Dominican Republic holidays market, IFC, a member of the World Bank Group, recently signed a $20 million financing to launch Banco BHD’s innovative new energy efficiency finance program, which will be helping Dominican firms decrease their energy costs and consumption while implementing cleaner production projects and reducing greenhouse gas emissions.
During the signing, the Banco BHD president, Luis Molina Achecar noted: “We welcome IFC’s new financing and long-term partnership in providing its global expertise in developing clean technology and energy efficiency products for our clients in the Dominican Republic, the first of its kind in the Caribbean.” With IFC’s support, BHD will finance energy efficiency projects in the industrial and tourism sectors for more green-efficient Dominican Republic holidays, where electricity costs rank among the highest in the region. The programme will also help generate savings, increase companies’ competitiveness and grow awareness for climate change-related business opportunities.
Besides financing, IFC will also provide advisory services to help Banco BHD create a new energy efficiency unit that will develop a project pipeline for the future of Dominican Republic holidays; conducting energy audits for clients and identifying new energy efficiency investments. By setting an example in the Dominican market, this energy efficiency finance program could serve as the basis for similar approaches which could be later spread to many other Caribbean holiday destinations.
"Today we inaugurate IFC’s first energy efficiency finance program in the Caribbean, which underscores the innovative leadership of BHD in the region’s financial sector,” Thunell said. “Our partnership with BHD will bring Dominican firms economic and environmental benefits. Not only is this smart business, but it also underlines the role the private sector can play in improving competitiveness and mitigating global climate change at the same time."
Despite the energy sector being one of the Dominican Republic’s key bottlenecks to economic growth, there are also significant opportunities for climate-friendly investments. A diagnostic study conducted by IFC found that switching to natural gas could bring firms savings of 30 to 50 % while allowing them to recoup the cost of investment within 6 months to 2 years. However, the lack of commercial financing has made natural gas conversion unaffordable for many companies and constrained other investments in energy efficiency.
IFC’s approach in the Dominican Republic focuses on improving the business climate, strengthening infrastructure, increasing access to finance and promoting sustainability across the Dominican Republic holidays sector. Supporting BHD’s energy efficiency finance programme fits into IFC's strategy of providing the financial sector with innovative solutions that increase their clients’ competitiveness.
Founded in 1997, IFC has been supporting 50 energy efficiency finance projects in 23 countries worldwide, for a total amount of $974.6 million.
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