UNIDO in partnership with the General Directorate for Natural Resources and Energy (DGRNE) of the Ministry of Infrastructure and Natural Resources (MIRN) and the National Designated Authority (NDA) at the Ministry of Planning, Finance and Blue Economy (MPFEA) are implementing the GCF Readiness project “Building institutional capacity for a renewable energy and energy efficiency investment programme for São Tomé and Principe”. It is closely linked to the regional activities of the Central African Centre for Renewable Energy and Energy Efficiency (CEREEAC), which was recently established by UNIDO and the Economic Community of Central African States (ECCAS) in Angola, Luanda.
Over the past years, UNIDO and other international partners have supported the Government with the development of key policies, which include a set of quantifiable renewable energy and energy efficiency (RE&EE) targets by 2030/2050. However, by considering the fiscal constraints, the weak financial system and investment environment in STP, it remains unclear how the paradigm shift can be financed by public and private sources.
An undertaken readiness assessment of the local banking sector has revealed significant constraints regarding RE&EE financing. The financial sector is at its infant stages and interest rates are high, particularly for more risky infrastructure projects. Furthermore, with the small market size, geographic isolation, high risks and regulatory uncertainty, it is difficult to attract private participation, foreign direct investment and international finance. The Government needs a “sales pitch” on the various RE&EE investment and business opportunities.
Therefore, UNIDO is seeking consultancy support to develop the National Sustainable Energy Investment Plan (NSEIP) of São Tomé and Príncipe, which will inform on the various renewable energy and energy efficiency (RE&EE) investment and business opportunities and provide insights on how the current national financial and investment framework can be enhanced to raise the required resources for the energy transition in a cost-effective manner without putting additional stress on the public budget and consumers.
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