ECLAC Caribbean has played a significant role in the formulation of a new National Energy Policy (NEP) recently completed by the Government of the Cayman Islands.
ECLAC’s contribution to the new policy was made through a joint initiative carried out with the German Corporation for International Cooperation (GIZ), aimed at promoting energy efficiency and the use of renewable energy technologies in the Caribbean. The policy also addresses support for increased energy security by reducing reliance on imported fossil based fuels.
In addition to decreased energy costs, the Cayman Islands’ goals for its energy sector include increased environmental sustainability, and a contribution to the economic development of the energy industry. The new NEP recommends that 70% of the islands’ total electricity generation should come from renewable energy sources by the year 2037.
In addition to boosting the use of renewable energy sources within the next 20 years, the policy also seeks to cut individual carbon dioxide emissions by more than two-thirds by 2037.
It is proposed that the policy be reviewed every five years, not only to monitor and report on progress, but also to reset the targets and implementation plans in recognition of opportunities that will arise from the constantly changing technological environment.