TRINIDAD-Efforts to reduce emissions in Trinidad and Tobago by investing in electric vehicles

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WASHINGTON, CMC – The Washington-based IDB Lab says it will invest reimbursable and non-reimbursable financing in the startup GoElectricTT to launch a new business model that aims to catalyze the adoption of electric vehicles in Trinidad and Tobago.

GoElectricTT says it will offer short- and long-term leases and rentals of an all-electric vehicle fleet and will engage in outreach and public education on the benefits of using the vehicles. With an initial fleet of 15 cars, the startup will focus on the business sector of Trinidad and Tobago and target companies that typically own or lease fleets.

It will seek to lower the perceived risk of investment, allowing citizens to experience the benefits in terms of cost and sustainability without making a long-term commitment and encouraging them to transition to an electric environment.

IDB Lab, the innovation and venture laboratory of the Inter-American Development Bank Group (IDB Group), the project aims to help avoid 190 tons of CO2 emissions from fuel combustion over two years, advancing the IDB Group’s goal of introducing innovation and new technologies that are low in carbon emissions and for the digitalization of the transport sector.

The longer-term objective is to drive the adoption of electric vehicles on a larger scale as supply and acquisition costs become more accessible.

Trinidad and Tobago has more than 800,000 vehicles for a population of approximately 1.4 million people. Most of these vehicles have internal combustion engines, which produce pollution and contribute to climate change.

The IDB Lab said despite fiscal incentives on the importation of electric vehicles as a way to move toward a low-carbon future, adopting these vehicles has been slow – accounting for less than one percent of new registrations.

“This investment contributes to IDB Lab’s growing portfolio in climate technology, which focuses on creating early-stage opportunities in Latin America and the Caribbean, leveraging innovation and prioritizing real-life impact for the people of the region,” the statement added.

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