Dominican Republic secures US$85M for clean energy transition

Santo Domingo.- The Dominican Republic has received approval from the Climate Investment Funds (CIF) Board for an US$85 million investment plan aimed at transforming its energy sector and advancing energy independence through clean and sustainable energy sources.

This funding is expected to mobilize over US$1,100 million from the private sector, providing innovative financial mechanisms for a secure and affordable energy transition. The initiative is part of the Accelerated Coal Transition Investment Program (ACT), a multilateral effort supporting middle-income countries in shifting to cleaner energy. It will be implemented in collaboration with the Inter-American Development Bank (IDB), IDB Invest, and the World Bank Group to enhance energy security, lower import costs, and foster local economic development.

Energy Minister Joel Santos emphasized that the plan will strengthen transmission networks and infrastructure while fostering investment-friendly conditions. Climate Investment Funds CEO Tariye Gbadegesin and representatives from the IDB, IFC, and the World Bank highlighted the project’s role in reducing greenhouse gas emissions, enhancing economic resilience, and positioning the Dominican Republic as a regional leader in clean energy development.