Caribbean Renewable Energy Transition requires adequate framework: ASERT

Caribbean: Accelerating Sustainable Energy and Resilience Transition (ASERT) 2030, an organized panel discussion by the CDB (Caribbean Development Bank) at COP 28 discussed the barriers and opportunities the region faces about the energy resilience.

The discussion held at the ASERT presented an outcome for the investment and technical assistance required at the region for the successful transition to sustainable energy. 

During the discussion, Coordinator of CDB‘s sustainable energy unit, Joseph Williams added that the governments had revealed a great commitment towards the progress of renewable energy in the region that is by reaching 55% improvement by 2030.

Further, he extended that the major focus is laid on ensuring the appropriate framework and right funding so it can attract and facilitate the investments. This as well in help in filling up the major gap for better functioning in the upcoming times.

Probing ahead, Kerryne James, the minister of Climate Resilience, the environment & renewable energy, Government of Grenada put forth his opinion on this. He highlighted that the commitment from Grenada is about transitioning the energy sector to 40% renewable energy by 2025. Even, shed light that to build the capacity in the country, help as well is required.

He extended his words by saying that focusing on getting technical training rather than financial aspects, for a strategic road map would be a more unique idea for addressing each country’s situation.

Adding to it, the Executive Director, Climate Finance, Global Affairs Canada made his point clear by highlighting the development of an umbrella sustainable energy programme. The program aims at providing assistance to the countries of the Caribbean.

Extending his talk, he indicated that the programme will involve financial support to be provided to the countries. Through this, they will have access to loan financing and technical assistance for the projects for the transition of renewable energy.

Significantly, the assistance will be provided for those projects which aim at the reduction of emissions and will have an increased access to the reliable and comparatively cheaper energy. Also, it should focus on the reduced reliance on imported fossil fuels. The executive director then declared the introduction of the programme to stream in the coming year 2024. 

Looking at the need of organizing ASERT 20230

The Caribbean regions were facing the problems of higher costs and limited financial options and inadequate infrastructural distribution. This was even stating the weak government fiscal positions. Such a position was affecting public sectors, small markets with higher transaction costs which further declare the need for problems to be addressed. 

Thus, led towards the introduction of ASERT 2030.