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Renewable energy for economic development in the Caribbean

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Renewable energy for economic development in the Caribbean ( renewable-energy-economic-development-the-caribbean )

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• scepticism of private sector involvement in controlling energy; • weak capacity of governments to evaluate the overload of proposals they receive on different technology options; and • worry about grid stability as intermittent renewables are introduced. A recent study by the Caribbean Natural Resources Institute (CANARI) conducted for the Caribbean Development Bank (CDB) explored the economic impacts of a few ongoing renewable energy initiatives in the Caribbean. The study outlined a series of recommendations on the importance of: creating an appropriate policy and institutional environment; the critical combination of government policy, private sector innovation, markets, and international and domestic finance; a consolidated approach and international finance to overcome risk-related market failures; scaling up best practices nationally and regionally; government role in oversight, regulation and enabling; government ownership to yield policy co-benefits; structured processes of learning from experience; data, information and benchmarks to measure progress; and putting renewable initiatives in the broader sustainable development context. Dominica is one of the countries exploring the potential for renewable energy in a big way. It already boasts that up to 70% of its electricity is from hydropower. For several years Dominica has also been exploring the potential of geothermal energy using some of its own funds (for example, investing the equivalent of 10% of the last annual budget) and working in partnership with SIDS-DOCK and the Clinton Climate Initiative. They are also hoping to attract private investors to support their ambition to export energy to neighbouring Guadeloupe and Martinique via undersea cables. Minister Darroux boasted that Dominica is a vanguard of the transition to sustainable energy and can be a model for the world. Certainly a regional approach is needed as Dominica and many other countries explore how they can generate renewable energy to service local needs but also, importantly, to export to neighbouring islands. Increasing the share of renewable energy is an absolute necessity for Caribbean countries as they struggle with alarming debt to Gross Domestic Product (GDP) ratios (an International Monetary Fund report estimated overall public sector debt in the Caribbean was about 79 percent of regional GDP in 2012). The 2014 CDB study notes that "financing poses the biggest challenge as governments do not have the fiscal space to take on the high initial capital costs of renewable energy. Money now available from Multilateral Environmental Agreements and through the International Swaps and Derivatives Association is too little and too disparate. A pooled financing mechanism is desperately needed, along Warmmae Letang ("rowing lake" in Creole) in the mountains of Dominica generates hydropower and also supports community ecotourism activities.

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