The Dominican Republic can increase the share of renewable energy in its energy mix from 9 to 27 percent by 2030, according to a report made by International Renewable Energy Agency on Thursday.
"Higher renewables share would reduce CO2 emissions by 23 percent and save billions of dollars," according to a report titled 'Renewable Energy Prospects: Dominican Republic'.
The country could increase the share of renewables in the power sector alone from 12 to 44 percent by 2030.
According to the report, the main challenges and opportunities for the country lie in the power sector. Under the current policies, the country’s share of renewables in the power generation will only reach 21 percent by 2030, falling short of the 25 percent national target set for 2025.
"But harnessing the country’s rich renewable energy resources – mostly from solar and wind – could deliver up to 44 percent of all electricity generation by 2030," the statement underlined.
An estimated annual investment of $566 million in renewable energy is needed between now and 2030 to reach the 27 percent renewables mark. But achieving this will actually result in a net annual savings of up to $5.3 billion annually by 2030 when taking into account factors like human health and reduced emissions.
The Dominican Republic is a Caribbean nation, which according to the World Bank has a population of 10.3 million and shares the island of Hispaniola with Haiti.
By Gulsen Cagatay