GUYANA-CARICOM is working towards fostering energy partnerships among member states

GEORGETOWN, Guyana, CMC -Caribbean Community (CARICOM) Secretary General, Dr. Carla Barnett, Monday said the 15-member regional integration grouping is actively working towards a more sustainable and resilient energy future by accelerating the deployment of renewable energy resources and fostering partnerships among member states.

Addressing the opening of the four-day Guyana Energy Conference and Supply Chain Expo, Barnett said energy plays a critical role in the Caribbean’s development, enhancing social well-being and fostering economic stability.

“However, the Region faces significant challenges to energy security. Hazards, such as hurricanes and earthquakes, affect the electricity supply, leaving our communities without electricity and posing significant threats to security and well-being.

“Many member states struggle to replace outdated power plants and fragile electric grids. The heavy reliance on imported oil, with its rising costs, exacerbates our energy challenges. This has been made even worse by increasing geopolitical tensions, which have affected prices.”

Barnett told delegates to the conference being held under the theme “Fueling Transformation and Modernization” that despite these challenges, or perhaps because of them, CARICOM member states have made strides in pursuing sustainable energy solutions as a matter of policy.

“We are seeing progress in key sectors, such as power generation, transport, and infrastructure. It is projected that by 2050, the Region will have transitioned from 19 percent electrification to 51 percent, underscoring our commitment to a just, equitable, and accelerated transition that leaves no one behind and safeguards our planet for future generations.”

She said CARICOM is actively working towards a more sustainable and resilient energy future by accelerating the deployment of renewable energy resources and fostering partnerships among member states.

“The increasing production of hydrocarbons in Guyana, Suriname, and Trinidad and Tobago presents opportunities to enhance regional energy security. It also presents opportunities for increased private and public sector investments in building social, economic, environmental, and climate resilience as the world transitions towards clean and renewable energy sources.

“More than that, hydrocarbon producers in CARICOM, as exemplified by Guyana, and CARICOM as a whole are committed to a development trajectory that prioritizes net zero emissions, in full recognition that we do not contribute in any significant way to climate change, even as we bear the more than proportional impact of climate change.”

Barnett said that the “collective regional approach” principle within the CARICOM Energy Policy encourages national action while facilitating the exploitation of synergies that provide comparative advantages over individual country strategies.

She said while each country faces unique challenges, opportunities, and priorities, regional cooperation on energy leverages the sharing and exchange of critical information and experiences, which are vital to success at the national level.

The CARICOM Secretary-General said that implementing clean and renewable energy sources, along with modern intelligent grids, can significantly improve the reliability of our energy systems.

She said accelerating the energy transition and system transformation are essential to increase the share of renewable energy, promote cleaner fuels, and bolster resilience. Capacity building and access to emerging technologies will also help develop the energy potential in the Region, she added.

“Achieving our vision of a sustainable energy future in the Caribbean requires continued collaboration, integration, and investment. CARICOM’s energy transition is strengthened by cooperative partnerships, including with international development partners who can play a crucial role with support through technical assistance, funding for sustainable energy projects, and critically, access to technology.”

Barnett said urgent action is imperative to ensure energy security and climate resilience, as without these, the Region’s development trajectory is at risk.

“CARICOM will, therefore, continue to enhance cooperation among Member States through policy harmonization, regulatory reforms, and capacity-building initiatives. This transition is essential to ensure energy security, mitigate the impact of climate change, and foster economic growth and development in the Region,” she told the delegates.