Business
Renewable energy sources could provide Caribbean with electricity sufficiency for the foreseeable future
Wigton wind farm in Manchester, Jamaica. PHOTO/Jamaica Gleaner
A report commissioned by the Inter-American Development Bank (IDB) has found that the Caribbean and Latin America’s renewable energy endowment is large enough to cover its projected 2050 electricity needs many times over.
The report “Rethinking our Energy Future” argues that lower prices and new technologies are making renewables a viable alternative.
It also says that solar, geothermal, wave, wind and biomass sources in the region could produce up to 80 petawatt-hours of electricity.
The report addresses a series of myths surrounding renewable energies, noting that several of these alternative technologies have become price competitive with conventional technologies, offer good investment opportunities and should be taken into consideration by policymakers aiming to diversify their national energy matrixes, reduce fuel supply vulnerabilities and cut greenhouse gas emissions.
Inter-American Development Bank President Luis Alberto Moreno said though the region uses more renewable energy than any other in the world, “it faces difficult choices as it seeks to generate the electricity it needs to grow without harming the environment.
“Renewables are becoming a viable and attractive option that needs to be explored,” he urged.
The report was presented to leaders from government, business, finance, civil society and international organizations at the Global Green growth Forum Latin America and the Caribbean (3GF LAC) in Colombia.
