Investment in training vital to energy transition goals, says CARICOM SG

Barbados and the rest of the region are being encouraged to invest in training as they press ahead with their energy transition goals.

This advice has come from Caribbean Community (CARICOM) Secretary General Dr Carla Barnett, who acknowledged that significant investments were needed to ensure a sustainable energy transition to renewables.

Noting that the energy transition was more than the reduction of carbon emissions, Barnett said, “It is also about energy security, energy independence, energy stability and efficiency.”

“It is also about our own environmental protection and sustainability. Critical to this transition is investing in education and training to develop the workforce needed for the implementation of sustainable energy systems. This would support the expected demand for the new job opportunities which the energy transition will create,” she said.

Barbados has set an ambitious target of 100 per cent reliance on renewable forms of energy by 2027.

In the case of CARICOM, the goal was set at 20 per cent by 2017, followed by 28 per cent by 2022 and then 47 per cent by 2027. However, progress has been slow, with the region only achieving some 11 per cent to date.

“A key action for sustainable energy transition is diversification of energy sources and leveraging renewable energy resources such as wind and solar photovoltaic technology for cleaner and more affordable energy,” said Barnett.

As it relates to the transition from gas and diesel-powered vehicles to electric vehicles, Barnett said the Council for Trade and Economic Development (COTED) on Energy, which approved a new regional electric vehicle strategy in April of this year, was seeking to help countries accelerate the deployment of electric vehicles.

“To do this effectively, our countries need access not only to the vehicles but also to the range of service and operational technologies that electric vehicles require,” she said. “The electrification of the transport sector would reduce energy demand, particularly for imported diesel and gasoline, and reduce greenhouse gas emissions from the sector.”

Indicating that community engagement was essential for the success of any energy transition, Barnett indicated that the region had a long way to go, while she acknowledged that a lot of the work ahead required significant financing and partnerships.

“Clearly there is a lot of work to do. The desired transformation of the region’s energy system requires substantial investments in infrastructure and technology, in policy reform and in capacity development. This implies that the region must secure significant funding for renewable energy systems, smart grids, battery storage, energy efficiency and system reliance as a whole,” the CARICOM secretary general said.

“Access to affordable financing mechanisms, tailored to the unique dynamics of small states in the Caribbean are imperative. Attracting investment is crucial. We need innovative financing mechanisms from the region, international capital markets and from the international and regional financial institutions that are tailored to our needs, including the potential to bundle projects to achieve economies of scale,” she added.

Barnett also pointed to the need for more public-private partnerships to advance the energy transition in CARICOM.