President Obama also announced a multi-million dollar Clean Energy Fund to facilitate investment in clean energy projects in the Caribbean and Latin America.
It’s a 20-million US dollar facility.
That’s worth more than 2-billion Jamaican dollars.
President Obama made the announcement this afternoon as he met with Caribbean leaders in a U.S.-CARICOM Summit in Kingston.
A statement on the website of the White House says the facility will provide early-stage funding to catalyze greater private and public sector investments in clean energy projects.
It will draw on the expertise of the U.S. Overseas Private Investment Corporation, OPIC, and the U.S. Trade and Development Agency, in coordination with the U.S. Agency for International Development and the State Department.
In making the announcement, President Obama noted the high cost of energy in the region.
President Obama noted that the Caribbean depends too heavily on carbon-intensive and unreliable energy.
Obama’s announcement of a new clean energy fund follows the White House Caribbean Energy Security Summit hosted by the US Vice President, Joe Biden, in January and the launch of the Caribbean Energy Security Initiative coordinated by the US Department of State.
As part of the initiative, the United States says it will partner with Caribbean and Central American countries in a task force to evaluate progress in cooperation, and identify concrete steps to advance energy sector reform and clean energy development.