Project profile — Supporting Renewable Energy and Energy Efficiency in the Caribbean (EcoMicro)

• Saint Lucia (6.00%)
• Guyana (7.14%)
• Belize (18.20%)
• Trinidad And Tobago (7.15%)
• Jamaica (7.14%)
• Dominica (6.00%)
• Suriname (5.56%)
• Grenada (6.00%)

• West Indies, regional (36.81%)

• Energy Generation, Distribution And Efficiency - General: Energy education/training (23181) (50.00%)
• Industry: Small and medium-sized enterprises (SME) development (32130) (50.00%)

• Climate change mitigation (principal objective)
• Participatory development and good governance (not targeted)
• Gender equality (not targeted)
• Youth Issues (not targeted)
• ICT as a tool for development (not targeted)
• Urban issues (not targeted)
• Disability (not targeted)
• Trade development (not targeted)
• Climate Change Adaptation (significant objective)
• Desertification (not targeted)
• Children's issues (not targeted)
• Biodiversity (not targeted)
• Environmental sustainability (cross-cutting) (significant objective)
• Indigenous Issues (not targeted)

This project aims to increase the adoption of renewable energy and energy efficiency in the Caribbean by working with microfinance institutions (MFIs) to develop green financial products. These products are suitable for micro-, small- and medium-sized enterprises (MSMEs) and low-income households to take advantage of renewable energy and energy efficiency solutions. Project activities include: (1) identifying technical assistance and green technology providers and matching them to partner MFI’s; (2) completing loan portfolio vulnerability assessments and strengthening management information for each participating MFI; (3) developing a loan portfolio risk management strategy for each participating MFI; and (4) developing and making green finance products available for MSMEs and low-income households.

The expected outcomes for this project include: (1) strengthened the capacity of 10 to 15 microfinance institutions to finance green energy products for up to 1,000 MSMEs and low-income households; (2) increased use of renewable energy and energy efficiency products by MSMEs; and (3) reduced energy costs for low-income households in the Caribbean

Results achieved as of March 2024 include: (1) completed 6 country-level projects; (2) launched 18 green finance products; (3) piloted 201 green finance loans into the market; (4) provided US$2.82M leverage from balance sheets of partner FI to pilot loans; (5) reached 5,743 beneficiaries by the program through pilot activities; (6) trained 798 staff at partner FI; and (7) developed and implemented 10 institutional greening policies and 8 climate risk tools.

• Proactive disclosure