CAF Approves $310M Loans for Renewable Energy in Bolivia, Bahamas

Several countries and organizations are making significant investments and reforms to boost renewable energy and energy efficiency. Zimbabwe has launched the Zimbabwe Renewable Energy Fund (ZimREF) to raise over $100 million in blended finance aimed at renewable energy projects that support sustainable development goals and climate commitments. The Latin American development bank CAF approved a $100 million loan to the Bahamas to support energy sector reforms, including modernizing infrastructure, improving regulatory frameworks, and promoting renewable energy, marking CAF's first sovereign financing to the Bahamas since November 2024. Additionally, CAF approved a $110 million loan to Bolivia for constructing its largest solar power plant, supporting the country's goal to increase renewable energy usage to 75% by 2032. In Australia, Wesfarmers, a major conglomerate that already uses 100% renewable energy, received a $100 million commitment from the Clean Energy Finance Corporation to expand rooftop solar, battery storage, and EV charging infrastructure at its stores, furthering efforts to cut emissions and reduce energy usage. These initiatives reflect a global trend toward renewable energy adoption and infrastructure modernization to address climate change and energy reliability challenges.