SMEs to get US$6m grant for renewable energy

US$6 million in grants will be made available for small and micro-enterprises willing to aid in the shift to renewable energy across the region.

This was revealed at Tuesday’s launch of the Caribbean Climate Investment programme.

The programme is a collaboration between USAID and the Trinidad and Tobago Chamber of Industry and Commerce.

The programme aims to mobilise private-sector financing for solutions that advance climate change mitigation and adaptation goals across the Caribbean.

Speaking at the event at the Trinidad Hilton, US Ambassador Candace Bond noted its importance.

"Our world is in peril. The climate crisis is accelerating while our response remains too slow. As the earth overheats towards that critical 1.5-degree C threshold, immediate action is needed more than ever."

CCIP team lead Federico Fische explained the programme aims to assist SMEs in getting them ready for the investment phase.

He said companies creating renewable energy products have little money to fund the pre-feasibility and feasibility aspects of their projects.

Fische explained that the grants will fund SMEs through that phase while providing advisory services such as developing a business plan, financial modelling, investor-selection negotiation and due-diligence support.

He invited people to meet with the grant team, which will be based at the Chamber of Commerce headquarters in Westmoorings for the next three days.