Our challenge:
Efficiently integrate maximum renewable energy sources into the power grid, while ensuring reliability and affordability for the people of the Caribbean region.
Environmental sustainability:
The Caribbean region is highly vulnerable to the impacts of climate change. Energy market integration can facilitate the adoption of cleaner, more sustainable energy sources, reducing greenhouse gas emissions and contributing to global climate change mitigation efforts. Under the Paris Agreement, countries have commitments to reduce carbon emissions.
Cost of Power
The region depends on imported oil for more than 90% of its power requirements. Apart from producing relatively high greenhouse gas emissions, the cost of power is also high, except for Trinidad and Tobago and Suriname. The current post COVID period, as well as the war in the Ukraine have pushed electricity prices upwards, further strengthening the case for renewable energy.
Diversification of energy sources:
Most Caribbean countries rely on imported fossil fuels for electricity generation. Integrating the energy markets can promote the development of renewable energy sources, which are abundant in the region. This diversification would enhance energy security and reduce dependency on fossil fuel imports.
Enhanced reliability and resilience:
Caribbean countries are prone to natural disasters, such as hurricanes and earthquakes. Energy market integration can help create a more resilient energy infrastructure by sharing resources and improving grid connectivity. This would enable a more reliable and robust energy supply, even during adverse weather conditions or disruptions to a specific country’s energy infrastructure.
Additional benefits of the Energy Transition:
In addition to addressing the above challenges, the transition to clean and renewable energy for the Caribbean will bring –
Increased investment and job creation:
By creating a larger regional market, energy market integration can attract greater investment in the energy sector. This investment can lead to the development of new renewable energy installations, which can create jobs and stimulate economic growth in the region.
Knowledge and technology sharing:
he Caribbean region is highly vulnerable to the impacts of climate change. Energy market integration can facilitate the adoption of cleaner, more sustainable energy sources, reducing greenhouse gas emissions and contributing to global climate change mitigation efforts. Under the Paris Agreement, countries have commitments to reduce carbon emissions.