SYNSEL ADVANCES ROLE AS TECHNOLOGY INTEGRATOR FOR CARIBBEAN RENEWABLE ENERGY

August 24, 2023

In the wake of the USA signing the Paris Agreement (PA) in January 2021, it is noteworthy that full compliance has not been achieved, particularly in relation to Article 6.2. This specific article permits the purchase and resale of carbon credits known as International Transferred Mitigation Outcomes (ITMOs) for Renewable Energy (RE) projects aimed at carbon dioxide reduction. Notably, the Caribbean Island nations stand out as fully compliant with the PA, enabling RE projects developed in the region to monetize their ITMOs and thereby offset the costs associated with these vital initiatives.

Among the industrially advanced European nations upholding PA compliance are Switzerland and Germany, both obligated to fulfill their ITMO requirements through collaborations with participating host nations.

Notably, the US Agency for International Development (USAID) and Climate Finance for Development Accelerator (CFDA) plays a pivotal role in facilitating private sector investments in Renewable Energy (RE), energy efficiency (EE) technologies, and adaptation practices. https://www.climatelinks.org/ccip.

SynSel's collaboration with CADA Energy, a teaming associate, and Caribbean Climate Investment Program (CCIP) applicant, along with the Swiss Climate Foundation as the compliance buyer of ITMOs, culminated in the submission of a proposal to the Caribbean Island nation of Dominica in early August. SynSel, serving as the Technology Integrator, proposed a modular/containerized US-based RE fuel technology solution. Encouragingly, communications from key stakeholders hint at an anticipated award to SynSel for the Feedstock Study in Q4 2023.

Post Feedstock Study, prospects loom for a potential alignment between CADA and SynSel with USAID for the Engineering Study, possibly extending to Master Planning, associated with the 13-island Renewable Energy CCIP. In parallel to government initiated RE programs for the Caribbean, SynSel is now strategically positioned to staff RE Fuel projects in the Caribbean private sector.