The Caribbean is blessed with many opportunities for green energy projects. With its surrounding waters, high winds and clear weather the region is perfect for clean energy ventures such as hydrogen, solar, wind and geothermal projects, which could liberate the region from dependence on fossil fuels.
However, the Caribbean is still far behind in the renewables race. While clean energy is expected to top US$1.4 trillion according to the World Economic Forum, developing regions, such as the Caribbean, remain at levels of investment comparable to that in 2015, when a few hundreds of millions were spent on clean energy.
Still several investors are eyeing the region for its potential to generate clean energy and begin slowing the damage being done by carbon emissions. But several critical elements are needed.
In a panel discussion on the third day of the three-day Caribbean Investment Forum, in Port of Spain last week, it was agreed that chief among these is the need for a culture change, so that people, not companies, see the value of clean energy.
The panel included National Energy Corporation president Vernon Paltoo, Republic Bank's manager of investment banking Michael Mcqilkin, Private Financing Advisory Network, regional coordinator of Latin America and the Caribbean Frederico Fische and Boom Cluster manager Jari Aaltonen. Responding to questions from the moderator, all spoke toward making projects viable to people at the ground level. But it was Paltoo who said he saw it as a critical component of making the region attractive to investors, especially in TT.
Paltoo said TT was in a unique position because on one hand the cost of power is a lot lower than the rest of the region, which makes it less competitive in terms of renewable energy. However, there is a demand for green projects, in light of its high carbon output – which is about 40 million tonnes of CO2 annually – and its commitments to energy transition made in the Paris accord and other similar agreements.
He said people need to recognise the impact of climate change and significance of energy transition.
“That is one of the most important aspects for us as a country,” he said. “We have to recognise why this is needed and not just do it for the sake of doing it. This becomes an issue of ensuring the continuity of life as we know it.”
Paltoo said that if TT adapts education to include energy and climate change issues, it will change the attitude toward going green.
[caption id="attachment_986171" align="alignnone" width="1024"] Solar PVs installed at the Preysal Service Station in September 2021 by National Energy. - Photo courtesy National Energy[/caption]
He said National Energy partnered with the educational NGO Pennacool for its renewable minds project. The Pennacool portal provides information to help children understand energy sources and its impact on on the environment. Paltoo said the project was a success, reaching thousands of schoolchildren and hopes it will increase awareness of how people can contribute to a low carbon f
