Advertisement
JIS News

Story Highlights

  • The Government’s planned establishment of an Energy Services Company (ESCO) Industry in Jamaica will be further advanced this year with an allocation of $20 million in the 2014/15 Estimates of Expenditure
  • The project seeks to develop a sustainable ESCO industry in Jamaica by raising the level of awareness and understanding of the business of Energy Efficiency (EE) and Renewable Energy (RE);
  • The project, which is being implemented by the Ministry of Labour and Social Security, with funding support from the European Union (EU), commenced in April 2012 and is slated to run until March 2018.

The Government’s planned establishment of an Energy Services Company (ESCO) Industry in Jamaica will be further advanced this year with an allocation of $20 million in the 2014/15 Estimates of Expenditure, which have been tabled in the House of Representatives.

The money will be used to continue work to complete implementation of the energy sector’s institutional regulatory framework; conduct seven ESCO workshops; and develop and implement an awareness building and market plan, during the 2014/15.

The project seeks to develop a sustainable ESCO industry in Jamaica by raising the level of awareness and understanding of the business of Energy Efficiency (EE) and Renewable Energy (RE); introducing new business models to enable increased levels of investment in and implementation of EE and RE projects; and increasing dialogue, trust, and confidence in the industry among stakeholders.

Achievements, to date, include recruitment of a project manager; and the commencement of work to improve the industry’s institutional and regulatory framework.

Additionally, work has also commenced to develop innovative and appropriate financing and contracting mechanisms for ESCOs intended to stimulate demand for and supply of energy efficiency and renewable energy solutions.

The project, which is being implemented by the Ministry of Labour and Social Security, with funding support from the European Union (EU), commenced in April 2012 and is slated to run until March 2018.