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Financial sector backs renewable energy plans in Dominican Republic

Santo Domingo, May 19 (Prensa Latina) Dominican Minister of Energy and Mines, Joel Santos, said that although foreign direct investment (FDI) is vital for the development of the sector, 64 percent of renewable energy projects are financed by creditors, it was reportedLY STATED.

Santos highlighted the role of the financial sector to accelerate energy transition in the country, while speaking at the III Latin American Congress on Sustainable and Inclusive Banking, held in this capital city.

He said that the purpose is to reach or even exceed 30 percent of energy generation from clean sources by 2030.

During his intervention in the panel “Challenges and opportunities in the energy transition in Latin America and the Caribbean”, the minister pointed out that strengthening renewable energies is a priority in Dominican public policies.

In this regard, he highlighted that the country has a series of strategic plans aimed at advancing in this direction.

He also expressed the challenges of the transition and pointed out that storage will be essential to use the energy generated during the day at peak hours, between 07:00 local time and 11:00 at night.

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