By Rhyan Montgomery
A Memorandum of Understanding was signed by the Inter-American Development Bank and Japan International Cooperation Agency to support renewable energy in the Caribbean and Latin America. The Memorandum is designed to strengthen climate change operations in the area. The area's global greenhouse emmisions are currently 12%, but it is predicted that it will grow. The bank and agency signed it to establish a co-financing model to promote energy efficient programs. The co-financing model includes loans that will cost up to 300 million dollars over the next 5 years. The Memorandum will also intensify the JICA's support for the IDB's Energy Innovation Center.