PM: U.S. could facilitate energy funding

Wed, Jan 28th 2015, 09:45 AM

Prime Minister Perry Christie told the Caribbean Energy Security Summit in Washington, D.C. that without massive investment, transformation of the energy sector and the achievement of respective sustainable development goals is out of reach. And the United States, which hosted the summit, can help with the achievement of those goals in "practical ways," he said: funding without conditionalities and the facilitation of the export of liquefied natural gas (LNG).

Christie - who spoke on behalf of the Caribbean Community (CARICOM) - pointed out that energy has direct implications for economic development: Since most of the Caribbean is non-industrialized and heavily dependent on tourism, energy costs have a direct effect on pricing, which can affect competitiveness as it relates to the Caribbean's place in global tourism.

"The reality is that as population levels and living standards across the region rise, so too does the demand for electricity and other energy products, including transport fuels. We must therefore attack our energy issues from a basis of developing reliable access to secure, affordable, clean and sustainable energy services," he said.

According to Christie, another reality is that without massive investment, energy sector transformation and achievement of sustainable development goals - as well as the broader sustainable energy for all objectives - are out of reach. While acknowledging the importance of private sector funding in this arena, he said public resources, "including development assistance, need to be used in a catalytic way to attract and leverage sufficient investment to exploit our considerable renewable energy potential."

He said the fundamental question on how we can 'de-risk' the financial environment to substantially increase investments in the clean energy sector.

"With the right policy in place at the national levels, the appropriate regional framework, and a pool of global partners acting in support, low-carbon business action in our community will become a reality," Christie said.

The prime minister assured the summit that governments in the region are tackling the growing energy challenges and moving closer to the various national targets on energy access, renewable energy, energy efficiency and energy security.

"With our partners, we can create specific instruments which can help to reshape and modernize the frameworks for building a strong energy sector," Christie said.

"Together we can also put in place innovative blending of grants and loans to leverage the necessary funds for additional investment to move the energy sector from one that is relatively inefficient and dependent on expensive, imported fossil products to one that is efficient and dependent on cost effective, clean, indigenous sources," he said.

"As governments we must continue to implement the regulatory reforms that increase efficiency, transparency and accountability within the sector."

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