Project

CAR06 Establishment and operationalization of a National Financing Vehicle in Dominica

At a Glance

Strategic Outcomes SO1 Reduced GHG emission, SO2 Creation of green jobs, SO3 Increased access to sustainable services
Start Date Q4  24 September 2020
End Date q1 24 March 2022
Funding Source Earmarked
Actual Budget (USD) 286,329
Budget Percentage %
Actual Expenditure (USD)
Status Active
GGGI Share (USD)
Poverty and Gender Policy Markers
Name of Client (Lead/Prime implementer if GGGI is part of a consortium) Ministry of Economic Affairs, Planning Resilience, Sustainable Development, Telecommunications and Broadcasting
Participating Organization (Funding/donor) Green Climate Fund (GCF)
Name of consortium members, if any
Thematic Area
  • Cross Cutting
GGGI Project Code : CAR06
Project Manager and Staff +
Kristin Deason

Lead Representative

Private: Ferruccio Santetti

Green Investment Specialist (4/6)

Project Context, Objectives and Description

The proposed readiness aims to develop and operationalize a Nattional Financing Vehicle (NFV) for Dominica. The NFV mission is to increase private sector investments in renewable energy and energy efficiency (RE and EE) technology by adjusting the risk/return profile of investment opportunities by offering concessional finance to priority climate change adaptation and mitigation projects.

The objectives of the NFV are to increase:

  • The use of viable RE and EE technologies in Dominica, in order to decrease energy costs of the population
  • The country’s energy security by reducing its dependency on imported fossil fuels
  • Climate change mitigation by reducing GHG emissions
  • Climate resilience by providing a pathway toward financing distributed energy generation projects
  • Dominica’s transition to Low Carbon pathway as articulated in the Low Carbon Climate Resilience Development Strategy
  • Facilitation of Investment Opportunities in Dominica’s Blue Economy Masterplan designed to address the Climate Resilient Development Pathway of the Low Carbon Climate Resilient Development Strategy
  • Capacity to originate, design, structure and bring to finance sustainable

Outcomes

The outcomes are the following:

  • Strategies for transforming and attracting private sector investment for low emissions and resilience developed and being used
  • An increased in the number of quality project concept notes developed and submitted that target SIDS, LDS and African states

Type of Services Provided, and Results Achieved

The project will deliver the framework for the establishment, operationalization and capitalization of a National Financing Vehicle (NFV) in Dominica as well as demand-led capacity building training to state and non-state actors to ensure the effective management of the NFV.