The CARICOM nations should keep maximizing their potential renewable energy sources and raise the proportion of renewable energy in their energy mix. On the first day of the three-day Regional & Suriname Renewable Energy Forum on Tuesday in Ballroom Torarica, President Chan Santokhi emphasized this. Santokhi spoke as the chairman of the Caricom.
According to Santokhi, the region is confronting more difficult problems as a result of the region’s weakening economies, persistently deteriorating climate, and continued international political tensions. This year, oil prices have risen to all-time highs. Decoupling the region’s economies from imported fossil fuels, which supply more than 80% of the region’s energy demands, is consequently a top priority. According to Santokhi, Suriname has the good fortune to be energy independent and produce its own power. And we can accomplish this with 50% renewable energy, primarily from hydropower.
Santokhi suggests that the area is susceptible to global economic and political changes. “The post-pandemic economic recovery is being undermined by the geopolitics of energy, which affect supply and demand,” he underlines. Increasing commodity prices, inflation, and supply costs, which are made worse by the high levels of debt in many member states, according to him, are contributing to an increase in poverty around the world.
The area is committed to the shift to economies with no carbon emissions, but for Member States, financing the energy transition continues to be a major concern. According to Santokhi, there is a need for creative financing solutions that are appropriate, practical, and available for the Caricom’s smaller energy markets. In this regard, he brings up the Caribbean Resilience Fund.