CARICOM Chair Urges Region to Continue Optimizing Use of Renewable Energy
PARAMARIBO, Suriname – President Chandrikapersad “Chan” Santokhi says it is important for the CARICOM countries to continue optimizing renewable energy sources and to increase the share of renewable energy in their energy supply.
Addressing the three-day Regional and Suriname Renewable Energy Forum, Santokhi said the 15-member regional grouping of which he is chairman, is facing more and more challenges due to the increasingly deteriorating climate, continuing international political tensions and weakened economies.
He said oil prices have reached record highs this year and it is therefore a priority for the region to deal with the economic impact of fossil fuels, which provide more than 80 percent of the Caribbean’s energy needs.
Santokhi said that Suriname is fortunate to be energy independent and generates its own power “and it is with 50 percent renewable energy, mainly from hydropower, that we can achieve this”.
He told the conference that the Caribbean is not immune to international economic and political developments, noting “the geopolitics of energy, which affect supply and demand, are undermining the post-pandemic economic recovery”.
Santokhi said it is creating more poverty worldwide through rising commodity prices, rising inflation and higher supply costs, which are exacerbated by the high debt burden in many member states.
The region is committed to the transformation to zero-carbon economies, but financing the energy transition remains a key issue for member states.
Santokhi said that there is a need for innovative financing mechanisms that are suitable, affordable and accessible to small energy markets within CARICOM, making reference to the Caribbean Resilience Fund.
The three day conference is organized by the Energy Authority of Suriname (EAS), Caribbean Centre for Renewable Energy & Energy Efficiency (CCREEE) and Suriname Energy Chamber (SEC) and is intended to provide a platform for all those active and involved in the energy sector in promoting the use of renewable energy and energy efficiency technologies and models in the region as part of the electrification planning.
The organizers said that the agenda is designed in a way to extract information and insight which is not readily available from other sources or online. “Also, this event will consist of interactive sessions designed to draw out and explore opportunities for investment and development region- and nationwide,” according to a statement issued here.
