The Inter-American Development Bank (IDB) approved a US$60 million loan to support Trinidad and Tobago's efforts to improve efficiency and transparency in the use of fossil fuels, as well as establish a clean energy program to promote renewable energy sources and a diversified energy matrix.
22 November 2011: The Inter-American Development Bank (IDB) has approved a US$60 million loan to aid Trinidad and Tobago for implementation of a sustainable and renewable energy program.
The loan will allow Trinidad and Tobago to establish a clean energy program that addresses both regulatory policy creation and increased energy efficiency. It will support measures to make the use of fossil fuels more transparent and efficient, and include a series of tax and fiscal incentives for the importation and installation of wind turbines and solar water heaters, and for kits that convert vehicles so they can run on compressed natural gas (CNG). There also will be incentives for companies to carry out energy audits and implement other energy-efficiency measures.
The program will support public education and awareness efforts regarding energy and will help draft a plan for the establishment of a Caribbean Renewable Energy Center, which will help spread cleaner energy principles throughout the region. [IDB Press Release]