Minister of Water, Land, Environment and Climate Change of Jamaica Hon. Robert Pickersgill said that a major challenge being faced by Caribbean Community (CARICOM) nations was securing financing for energy projects, given their size.
The Minister, who was chairing the Fifty-Fifth Special Meeting of the Council for Trade and Economic Integration (COTED) on the Environment and Energy, said smaller energy projects are less attractive to blue-chip investors and engineering procurement and construction contractors than larger ones. The meeting was hosted on Thursday morning at the CARICOM Secretariat located in Georgetown, Guyana.
A major topic for discussion was the establishment of the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE). In relation to CCREEE, the Minister said the focus should be on pursuing regional approaches that coould overcome issues of scale.
He said further that CARICOM should move closer to implementing a unified energy policy framework and pursue uniformity and integration in regulation. He said this would enable more transformative energy projects that attract the right kind of investors.
I say the right kind to emphasize the importance of this matter. The Region has to get this right. We all know how important matters of energy security and climate change are to the Caribbean” the meeting Chairman stated.
The Minister also opined that the necessity of cooperation and optimization within the respective CARICOM governments as well as within the Community needed to be recognized. He said comprehensive action needed to be taken to maximize the benefits of the efforts going into the various initiatives. He said he anticipated and welcomed dialogue particularly as it related to identifying strategies and mechanisms for investments that would assist the Region in realizing sustainable energy development while mitigating and adapting to the effects of climate change.
