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CAPRI urges new renewable energy policies

KINGSTON, Jamaica (CMC) — A Caribbean think-tank is telling regional governments now is the best time to implement a modern progressive renewable policy framework consistent with their own policy objectives.

The Caribbean Policy Research Institute (CAPRI), in a study entitled Renewable energy: Ushering in the new Caribbean Economy, says in 2008, renewable energy targets existed in over 73 countries and development assistance, specifically targeting renewable in developing countries, exceeded US$2 billion.

It said that a total of 137 countries and the European Union have signed the Statute of the International Renewable Energy Agency which was launched in January this year to provide support and advice to governments worldwide on renewable energy policy, capacity building and technology transfer.

“If Caribbean governments wish to create a modern progressive renewable energy policy framework that is consistent with their own policy objectives, they should move aggressively, since the resources with which to do so are available.

“Now is the perfect opportunity to launch such a policy framework, since much of the Caribbean’s energy infrastructure will have to be replaced or upgraded within the medium term.”

CAPRI said that such a scenario presents policy-markers with an important chance to use policy to ensure any infrastructure upgrades or replacements are compatible with renewable generation technology.

It said there currently exists substantial investment demand for ‘green-socially’ responsible investment products and that this demand is only likely to increase as a result of the Copenhagen summit on climate change.

“A modern progressive renewable energy policy framework is one of the most cost-effective ways for the region to attract these types of investors while expanding the region’s renewable energy generation capacity,” said the Jamaica-based CAPRI.

 Jamaica Observer

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