BARBADOS- Energy sector stakeholders meet to strengthen the enabling environment for sustainable energy investment

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BRIDGETOWN, Barbados, CMC – Energy sector stakeholders from across the Caribbean will meet next week to strategize on strengthening their regulatory frameworks to expedite renewable energy investments in the Region.

The two-day engagement is being led by the Caribbean Development Bank (CDB) as part of its Accelerated Sustainable Energy and Resilience Transition–2030 (ASERT-2030) framework in partnership with the Organization of Caribbean Utility Regulators (OOCUR).

It will take place on February 28 and March 1 at the Hilton Barbados Resort.

It will see decision-makers and leaders from government energy ministries and regulatory bodies from CDB’s 19 Borrowing Member Countries (BMCs), as well as regional and international development partners, come together to look at how best to pool efforts and resources to increase the speed and scale of the sustainable energy transition through improved regulatory frameworks.

The meeting comes as the Region reels from the energy price shock experienced last year, highlighting the acute energy insecurity and economic vulnerability associated with over-dependence on imported fossil fuels.

It also comes against slow progress toward achieving the regional renewable energy targets.

Joseph Williams, coordinator of the Sustainable Energy Unit at CDB, pointed out the figures underscored the need for urgent and transformative action to accelerate the Regional sustainable energy transition rapidly.

“As of 2021, the total renewable energy generating capacity was only approximately 12% of the full regional installed electricity generation capacity, far from the goal of roughly 47% by 2027 (or 55% by 2030). CDB’s BMCs must install approximately 2,600 MW of renewable energy in the next eight years to meet these goals. This is a 1400% increase over the current rate.

We need to think big, work collectively, and coordinate actions and funding to get near this. This is why CDB has conceptualized our ASERT-2030 framework – to promote bold decision-making and transformative initiatives. Given the criticality of enabling regulatory environments, this regional regulatory dialogue is intended to implement plans,” said Williams.

In a sign of the commitment to coordinated efforts, the event is being supported by a wide range of critical development partners working in the energy space in the Caribbean. These include the government of Canada, the government of the United Kingdom, the European Union, the United States Agency for International Development (USAID), the Inter-American Development Bank (IDB), and the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE).

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