Economy May 21, 2024 | 4:22 pm

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A $5,400 million investment for the Dominican Republic’s sustainable future

Santo Domingo.- During the panel discussion titled “Opportunities and Challenges in the Energy Transition and Sustainable Development of the Dominican Republic,” Edward Veras, the executive director of the National Energy Commission (CNE), emphasized the need for significant investment in renewables to achieve the country’s 2030 targets. Veras stated that the Dominican Republic requires $5,400 million in investments to reach its goals.

“In order to attain 30% renewable energy by 2030, the upcoming edition of the National Energy Plan will propose the necessity of $5,400 million in investments,” Veras explained.

He emphasized the crucial role of private investments in renewable energy projects to meet the nation’s energy objectives. Veras noted, “Considering both energy produced in the main system and distributed generation, we have currently achieved between 16 and 17% renewable energy. With the ongoing construction of various projects, reaching the 25% mark by 2025 is feasible.”

Veras highlighted the government’s commitment to expanding the use of natural gas and integrating renewable energies, as outlined in the 2022 Energy Plan. “The first step in this endeavor was to resume comprehensive planning,” Veras acknowledged, emphasizing the conducive environment for investors created by this approach.

He stressed the importance of collaborative efforts among all stakeholders in the sector to ensure a sustainable and prosperous energy future, stating, “Without proper planning, raising capital in the market will not be feasible.”

Veras reassured that public policies will provide stability to the existing legal framework, offering the necessary reliability for investments.

Furthermore, he underscored the significance of technological innovation and research advancements in supporting the energy transition and enhancing efficiency in renewable resource utilization.

The panel also featured contributions from Andrés Astacio, Superintendent and President of the SIE Council; Yamily López, General Manager of REFIDOMSA; and Martín Robles, General Administrator of ETED. Manuel Cabral, executive vice president of ADIE, served as the moderator.

The discussion encompassed topics such as renewable energies, energy efficiency, emerging technologies, and environmental sustainability. It served as a platform to propose innovative strategies aimed at accelerating the energy transition and positioning the Dominican Republic as a regional leader in resilience and energy diversification.

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