Bahamas News
CDB Meetings reveal Caribbean lagging in Renewable Energy, Billion$ needed to cross the line
By Dana Malcolm
Staff Writer
June 15, 2022 – We need to find a way to lower our energy bills with renewable energy options and it’s going to take billions, but the CDB is proposing a new program to tackle it.
The CDB Accelerated Sustainable Energy and Resilient Transition 2030 (ASERT) will address volatility in the energy sector which is one of the most important challenges for the region. The CDB says they are aiming to fix the issues
and push the Caribbean towards more sustainable energy use with ASERT.
If we don’t channel our efforts into renewable energy our countries will end up being less climate resilient, there will be “major risks to poverty reduction efforts, the undermining of economic resilience efforts and risks of missing green trade opportunities”
This is according to Sustainable Energy Specialist Christopher Straughn who presented during the annual general meeting on Friday June 3rd. Straughn explained that most Borrowing Member Countries (BMC) experienced “energy insecurity” because of factors like their over dependence on one main source of energy, usually oil.
Straughn made the case that the region was full of renewable energy options but in order to harness them the sector requires 16 times more cash investments than it has now (about 1.25 billion.) He also noted that Borrowing Member Countries need to install 26,000 MW of renewable energy capacity of 1400 percent increase over the current rate to hit their 2030 goals.
The fact that oil is imported and demands foreign exchange for purchase is also a downside, as prices for shipping and raw material were subject to “market vagaries and geopolitics”
That is especially obvious this year as the Caribbean region has seen steeply rising oil prices as shipping companies raise prices and the war in Ukraine and embargos on Russian oil put a squeeze on the amount of oil available for purchase worldwide.
Even prior to the extreme insecurity of 2021 the combined Fuel Import bills of the BMCs were staggering, clocking $8 billion USD. An additional $1.8 billion was added to that in just the first five months in 2022. These facts make the case for switching to renewable energy all the more compelling.
The Caribbean is not yet where it needs to be to meet its 2030 targets but some countries are doing better than others. Barbados, Grenada, Guyana, Montserrat, St. Kitts and Nevis all set targets to have over 80 percent renewable energy in country by 2030. So far Belize and Dominica are leading the pack being over the 40 percent mark. No other country has set such high performance targets or made it that far into their targets (almost 50 percent).
The Turks and Caicos Islands, Anguilla, British Virgin Islands, the Cayman Islands, Grenada, Montserrat, St Kitts and Nevis, St. Lucia and Trinidad and Tobago all remain below 10 percent. This is where the ASERT-2030 Program comes in, there will be a robust dialogue to agree on transformative initiatives and strategize on how to move quickly but inclusively.
Some of those transformative initiatives include a resilient roofs initiative, wide scale greening of the public sector and harnessing offshore wind.
RBC Royal Bank (Bahamas) Limited (“RBC”) is pleased to announce the recent appointment of Kerryl-Lyn King-Henry as Country Manager and Area Vice President (“AVP”), Personal and Commercial Banking, Turks & Caicos Islands (TCI).
In her new role as Country Manager and AVP, King-Henry will take on full responsibility for the bank’s operations, strategy, and development in the TCI market, with a strong focus on solidifying partnerships with the Government, regulatory bodies, and the local community.
King-Henry brings to the role a dynamism influenced by nearly 25 years of industry experience. Prior to her new appointment, she served as AVP of Business Banking in Trinidad and Tobago. She has held progressively senior roles within both personal and commercial banking, as well as various functional units.
King-Henry holds a Master of Business Administration (MBA) degree, with a specialization in Leadership, FinTech and Big Data Analysis, in addition to a Bachelor’s Degree in Business Administration. Further enriching her professional profile, Kerryl-Lyn is a certified John C. Maxwell Coach, Trainer, Teacher, and Speaker. Her passion for leadership and development is matched by her commitment to community service, as she actively volunteers her time and leverages her professional expertise to mentor and support others. “
Kerryl-Lyn’s extensive experience and proven leadership capabilities make her the perfect choice to lead our operations in the Turks & Caicos Islands,” said Ericka Rolle, RBC’s Managing Director and Vice President, Personal Banking, The Bahamas and TCI.
“Her commitment to excellence, combined with a genuine passion for community engagement, aligns perfectly with our Bank’s purpose of helping clients thrive and communities prosper. We are excited to see the positive impact she will undoubtedly bring to her new role,” she added.
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