The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

WASHINGTON - Tackling energy challenges in the Caribbean and Central Americas could provide the blueprint for addressing similar issues in small island states worldwide, the US vice-president believes.

Joseph Biden told Caribbean and Central American leaders, during a lunch held at the US-Caribbean and Central Americas Energy Summit, that it was in the US’ self-interest to see the region succeed.

Mr Biden said: “It’s entirely in the self-interest of the United States of America for all of you to succeed and thrive.

“We want you to be energy secure so that more people across the region can start businesses, generate opportunity, attract foreign investment and grow. The more you prosper, the better off my country is, and it opens up new opportunity for shared economic growth.”

He added: “The Caribbean is poised to be a laboratory for how we deal with energy challenges of island nations all around the world. The problems they face are problems other nations around the world face.”

The Summit is a key component of the Caribbean Energy Security Initiative (CESI), which brings together governments, finance and private sector leaders from the US and the Caribbean, and representatives of the international community.

Their aim is to promote a cleaner and more sustainable energy future in the Caribbean through improved governance, energy diversification and greater access to finance, as well as donor co-ordination.

A US- Caribbean Central America (CCA) Energy Task Force report said that while there were some similarities in the energy challenges facing Caribbeam and Central American countries, there was also great diversity in energy sector opportunities, ranging from natural gas production to and wind and solar applications, and even geothermal and hydropower development.

“The complexity of climate change, and the projected impacts thereof, remains the single biggest threat to the sustainable development of CARICOM countries and the potential costs of adaptation,” the report said.

“If global greenhouse gas (GHG) emissions continue unchecked, costs will amount to billions of dollars annually. The volume of GDP and foreign exchange resources being spent by Caribbean countries to pay for energy imports over the last decade, when oil prices were mostly high, could have otherwise been directed to alleviating poverty, adapting to climate change and sea level rise, and other critical interventions that are necessary for sustainable development and resilience building.”

The report added: “As a result, a majority of Caribbean countries face crucial choices within the next few years. A large wave of energy infrastructure investment is required to replace aging, inefficient power plants with more modern, efficient alternative energy options, while increasing the available generation capacity.”