Basseterre, St. Kitts, February 06, 2016 - ACCESS to energy is the lifeblood of economic growth and social well-being. With this being the case, most countries are striving to achieve energy security. Energy security means having an uninterrupted supply source of diverse forms of energy in adequate stocked quantities and at affordable prices.
With rapid economic development expected to take place in developing countries such as China, India and Brazil, along with unprecedented world population growth to around 9.7 billion by 2050 (from the current 7.3 billion), the appetite for energy is expected to grow. However, volatility in oil prices, dwindling oil reserves, geopolitical tensions and concerns about global climate change impel countries to make the transition to low-carbon economies and access sustainable forms of energy. Therefore, many countries, especially the developed ones, have turned their attention to renewable energy (RE) as a sustainable source of energy.
Bold decisions made by our elected officials today, benefit our children tomorrow.
More than 100 countries (fairly, evenly split between the developed and the developing world) have set renewable energy targets. The European Union has set particularly ambitious goals of obtaining 20% of renewable energy by 2020. Europe’s main energy priority is to build a single energy market through market liberalization and competition. Achieving this goal involves balancing three core priorities: maintaining economic competitiveness, transitioning to a low-carbon economy and ensuring security of supply.
Today, this government stands at a critical inflection point…to be bold and decisive, moving with conviction toward renewable energy, or to remain lukewarm, along with the majority of nations worldwide. Many may not realize that our Federation is credited for incubating renewable energy innovation, now being considered worldwide—from Nevis. The future of renewable energy is primarily determined at the level of policy and politics, but they are definitely set to become a significant part of the energy mix in coming years.
With the solar initiatives supported by Taiwan, the geothermal exploration project, and the pioneering wind and generator technology originating from Carino Energy in Nevis, our Federation has a strong foundation to build RE upon, a foundation that can, with proper policy and P3 relationships, lower energy prices for both residents and business owners within (5) years. The goal therefore should be a balanced RE approach, that supports all forms of RE; a policy that empirically looks at energy risks, opportunities, environmental impact, and sustainability.
As a new brand position, RE is poised to become, for those with foresight and vision, the next 'Sugar' (economic impact)
For those following Renewable Energy as a brand position? Costa Rica is positioning nicely in South America, and Abu Dhabi in the middle east—and who within the Caribbean? Our Federation is quite capable of achieving first-mover advantage with proper planning and development. Innovation in this area with adequate government support, can create nearly fifty new jobs in Nevis alone.