Sustainable energy in the Caribbean: Reducing the carbon footprint in the Caribbean through the promotion of energy efficiency and the use of renewable energy technologies

This project seeks to examine financing opportunities which will provide greater incentives for the development of energy efficiency measures and renewable energy technologies. Due to high energy costs, several countries employ subsidies on fuel consumption to redress the challenges to the poor and to drive down production costs. In examining the policy landscape the tradeoffs between incentives to renewable energy and the challenges of poverty alleviation must be properly addressed in examining binding constraints. The assumption is that big gains can be made in energy savings through energy efficiency and a reduction in the enormous energy bill by the use of renewable sources of energy. However a careful analysis must be made of feasible actions and incentives especially at a time of fiscal stress. The CARICOM, in consultation with member states has developed a regional energy policy. Apart from CARICOM, there is no other regional entity in the Caribbean subregion that is working assiduously on energy initiatives and the support is rather disparate. It must be remembered that although the subregion contributes to less than 1% of carbon emissions it will be among the first to be impacted by changes in climate especially sea level rise that threatens the coastal and marine populations and resources. It has therefore become necessary to develop a definitive programme of support to the Caribbean in an attempt to reduce carbon emissions through the development of a low energy pathway. In this regard, it is important to sensitise the public to the impact of the carbon footprint and to put in place the appropriate measures and strategies in the management environment that would support the development and implementation of energy efficient and renewable energy initiatives.