CARICOM Signs Energy MOU

The Caribbean Community (CARICOM) is making steps towards cleaner, more sustainable energy within the region, through a new Memorandum of Understanding signed with three partner organizations.

CARICOM signed the MOU this past week with the Inter-American Development Bank (IDB), Caribbean Development Bank (CDB), and theĀ United States Department of Energy (USDoE).

According to the IDB, the MOU is geared towards to increasing energy security, reducing energy vulnerability, and promoting renewable energy, energy efficiency, and low-carbon technologies in the region.

As a part of the agreement, CARICOM member states will receive non-reimbursable technical assistance and programmes to promote knowledge exchanges, capacity building activities, and to help mobilize technical expertise

The MOU will be followed by an action plan, where the four institutions will detail specific actions and timelines for each, along with planned collaborative activities and success indicators.

IDB President Luis Moreno said the four would work together on the identification of financing and investment opportunities for pilot and commercial scale projects in sustainable energy and to support the Caribbean regional energy strategy.

Specific areas of cooperation within IDB-CDB-USDoE-CARICOM agreement include: Energy efficiency, including, but not limited to, energy efficiency policies and regulations such as energy efficient building codes; energy standards for appliances and equipment; and clean vehicle standards and regulations; grid management, including, but not limited to, smart grid deployment; renewable energy, including, but not limited to, solar, wind power and energy storage and their integration to the grid, in a cost?effective manner.

Other areas will focus on fuel diversity, including, but not limited to, exploration of alternative sources of baseload fuels beyond petroleum; Energy education, including, but not limited to, clean energy workforce development; and, clean energy financing, including, but not limited to, mechanisms to support the substitution of diesel by cleaner, cheaper, and more secure sources of energy (natural gas, geothermal, hydro, ocean and sustainable biomass) for baseload power generation.