Minister of Home Affairs Walter Roban joined key regional stakeholders at a meeting “to introduce a plan to galvanize the region in overcoming the barriers it faces toward a resilient, greener, and lower-cost energy future. ”
A Government spokesperson said, “On Thursday, [May 27, 2021], Minister of Home Affairs, the Hon. Walter Roban, JP MP joined key regional stakeholders in discussions at the Meeting with Caricom Ministers Responsible for Energy, Heads of International Financial Institutions, Bilateral Development Partners, and the Private Sector, which included over 150 participants from more than 17 countries.
“The meeting was held to introduce a plan to galvanize the region in overcoming the barriers it faces toward a resilient, greener, and lower-cost energy future. Topics of discussion ranged from rural electrification to modernized grids to electrified transportation.
“The discussion included the detailing of a technical and investment proposal for the region in the amount of US 5.4 billion dollars that would cover areas from low carbon electricity generation, storage, microgrids to clean transport.
“It is accepted that clean reliable and affordable energy services which are predictable in pricing and supply are indispensable to the economic transformation of the region. Electricity costs are persistently high on average and five times higher than in North America. Increases in oil prices reduce competitiveness in a variety of industries. The increase in real oil prices reduces real Gross Domestic Product.
“There are many funding organizations even outside of the Caribbean that are poised to invest in energy projects throughout the region. Bermuda, as an associate member of Caricom, cannot participate fully in most of these, but there is some pride to be taken in the advances made thus far.
“Unlike many of our Caribbean neighbours, Bermuda has a robust regulatory regime, an independent regulator, and a realistic road map to a renewable future, namely the Integrated Resource Plan published by the RA in 2019.