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Welcome Address at the CARICOM Regional Renewable Energy Financing Workshop & RETScreen Training

Remarks by Yvonne Barrett-Edwards, Director, Energy Economics, Ministry of Science and Technology, Energy and Mining in Jamaica at the CARICOM  Regional Renewable Energy Financing Workshop & RETScreen Training on March 14, 2012 in Kingston, Jamaica.

Salutations:

It is gives me great pleasure to extend warmest welcome and a Jamaican greeting to the CARICOM representatives and other officials who are with us for this two-day workshop and training session.

I reserve an even heartier welcome for:

  • Dr. Robert Stoddard, Specialist, CRECS Project, CARICOM Secretariat
  • Mr. Joseph Williams, Programme Manager, Energy, CARICOM Secretariat
  • Mr. Joerg Bohlmann, Faciliatator

As a CARICOM Member state, Jamaica is in a similar position to many of our Caribbean counterparts and other developing countries that struggle to balance our energy needs with our GDP earnings.

BACKGROUND

Jamaica currently consumes approximately 60,000 barrels of oil per day to meet our diverse energy needs. Over the past decade, the level of annual petroleum imports has remained in the region of 21.2 million as a result of higher crude prices and the implementation of various energy conservation measures.

Imported petroleum accounts for approximately 91% of the energy mix, while renewable resources such as wind, hydro, fuelwood, bagasse, solar and ethanol provide the remaining 9% of our energy needs.

At a time when oil prices are trending upwards, and placing at  US$107.52 per barrel as at March 2, 2012 (on the WTI), compared to US$101.05 at the same period last year, there is a clear indication that our Government’s policy decision to actively pursue alternative and renewable sources of energy is opportune.

JAMAICA’s STEWARDSHIP

To offset the impact of high energy prices, reduce dependency on imported oil and heighten energy security Jamaica is currently pursuing a diversified energy strategy, which includes initiatives in Renewable Energy.

ENDORSEMENT OF the WORKSHOP

As we make inroads towards our goal of 20% of the country’s energy supply from Renewables in 20 years, it is instructive for us to be equipped with the most relevant tools that will allow users to calculate the financial viability of renewable energy and energy efficiency projects.

In this context, I am certain that the next two days will positively impact Jamaica’s development, thereby creating a sustainable energy future for our people.

CONCLUSION

I am certain that the training in identifying Renewable Energy Projects and identifying financing will prove profitable not only to the individual participants but to the entire region as we forge ahead in building a sustainable energy economy.

Again, welcome to Jamaica and to this workshop.



Category/ies:Jamaica Speeches.
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