GGGI’s program seeks to support Dominica in decreasing energy costs, reducing dependency on fossil fuels and GHG emissions, increasing investment opportunities in the blue economy, and moving to a pathway of low carbon climate resilient development. Currently GGGI is implementing a GCF Readiness project in Dominica which will develop and operationalize a National Financing Vehicle (NFV) and deliver training to increase NFV management efficiency. The NFV will play a role in increasing private sector investments in renewable energy (RE) and energy efficiency (EE) technologies through supporting climate change adaptation and mitigation projects.
Strategic Outcome Targets
Ministry of Economic Affairs, Planning, Resilience, Sustainable Development, Telecommunications and Broadcasting
Climate Resilience Execution Agency for Dominica
Dominica’s NDC contains the most detailed emissions-reduction target specification in the region and is most ambitious. The Commonwealth of Dominica set a 2030 emissions reduction target of 44.7% compared to the 2014 baseline and a reduction by 98.6% on national energy-sector emissions. Setting the emission reduction target compared to 2014 emissions means that any growth in energy consumption between 2014 and 2030 will essentially be greenhouse-gas emissions-free.
Dominica has priority sectors including energy, transport, manufacturing and construction, agricultural, forestry, and waste. The country takes action by executing RE investments, strengthening policies, and switching to sustainable channels. There is clear potential for RE in Dominica but barriers such as information, legal and regulatory, market, and financial barriers obstruct the pathway to green growth.
At present, Dominica’s public debt stands at 74 percent of the country’s GDP. This situation, along with the additional pressure dealt by the Covid-19 pandemic, leaves little policy space to react to external shocks and global economic downturn and weakens the government’s ability to enact policy reforms and incentives needed to increase the flow of private capital to climate change adaptation and mitigation projects. This burden could be reduced by green economic recovery through the creation of green jobs in sustainable and fast-growing sectors and increase access to finance for local private sector enterprises while building resilience to natural disasters, climate change, and economic disruptions.
CAR06 Establishment and operationalization of a National Financing Vehicle in Dominica
|Start Date||Q4 24 September 2020|
|Actual Budget (USD)||286,329|