Energy Efficiency, GHG Emissions  -  December 2, 2021

Dominica Sells Carbon Credits to Switzerland

The Commonwealth of Dominica has approved a bilateral agreement with Switzerland, enabling Dominica to sell its carbon credits to help Switzerland meet its Paris Agreement emissions pledge. The deal was signed at the United Nations Climate Conference (COP 26), in Glasgow, Scotland.

In Dominica, Switzerland will focus on funding initiatives like the electrification of transport on the island. Additionally, financing for a geothermal plant on the island that will be complete by 2023 will also be centered. This project will allow Dominica to reduce its fossil fuel dependence and ensure its ability to provide electricity to the French islands of Guadeloupe and Martinique, encouraging foreign exchange.

The Caribbean island is still reeling from the impacts of Hurricane Maria in 2017 and funding from wealthy countries like Switzerland enables the government to build a clean, resilient power system, said Minister for the Environment, Rural Modernization and Kalinago Upliftment, Hon. Cozier Frederick.

“We do have a plan, but this plan needs resources … in the form of human capital and finance," he said in a statement.

In 2017, Dominica's Prime Minister, Dr the Hon. Roosevelt Skerrit pledged to become the first climate-resilient country in the world at the UN. To accomplish its mission to power green energy and the economy, the government has partnered with donor organizations such as the World Bank, the Caribbean Development Bank, Small Island Developing States, and the Clinton Foundation. The country's Citizenship by Investment (CBI) Programme is also providing a sizable amount of funding.