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Renewables hot topic for Caribbean


Renewables hot topic for Caribbean image


A major overhaul of the Caribbean’s transmission infrastructure is needed so that the region’s vast renewable energy resources can be tapped as part of plans to cut poverty and drive sustainable growth, a conference heard.


President of the Caribbean Development Bank Warren Smith told delegates at the UK-Caribbean Business Conference in London that $30bn of investment is needed over the next 10 years to “modernise and enhance the efficiency of the power, transportation, telecommunications, and water and wastewater sectors”.


Smith (pictured) said: “In the energy sector alone, massive investment will be needed to replace obsolete and inefficient generating plant over the next five years and to transform the electricity infrastructure so that the region’s vast renewable energy potential can be exploited.


“Most of our countries are highly dependent on imported fossil fuels for power generation. This vulnerability to volatile oil prices has contributed hugely to the competitiveness challenges of Caribbean industries. It has also been a principal cause of unsustainable balances of payments and sovereign indebtedness problems.”


The CDB believes renewable energy, coupled with energy efficiency, will stimulate the growth of non-traditional businesses, lower electricity costs and boost foreign exchange reserves by reducing energy imports.


The body is promoting transformation through development financing and technical assistance, as well as helping to mobilise private sector involvement through public-private partnerships.



Category/ies:News, Regional News.
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