A CENTURY OF OIL - A FUTURE OF OPTIONS

Energy is among the top strategic issues shaping the global agenda for leaders worldwide, given the uncertainty and impact of energy price volatility.

As commerce thrives best when the costs of doing business can be anticipated, unexpected swings in oil prices continue to destabilize the Caribbean’s business environment. Though lower energy prices can provide temporary relief to consumers, the economy does not do well ‘when the rug is pulled from under its feet’ by inconsistencies in the cost of energy.

It is no surprise therefore that the region continues to recognize the economic value of alternative energy options, especially from cost-effective, indigenous renewable energy sources that are predictable in pricing and supply. It is no surprise also that the region is exercising a leadership role and demanding cleaner energy, precipitated by better and cheaper technologies.

The region’s aspirations are among the highest, evidenced by Barbados’ target of 100% carbon neutrality by the year 2030. Despite a variety of opinions and analyses of the target, the island is firmly committed to an energy transition that is perhaps the most ambitious within the Caribbean. Recent upgrades in the regulatory framework for the country are ‘limbs within the anatomy’ of an enabling environment that is causing Barbados’ ambitions to be taken seriously.

But what might corporate Barbados stand to gain from the development and implementation of sustainable energy projects?

There are new, profitable business opportunities for Barbadian companies that opt to participate in the sustainable energy sector. Within the Caribbean, many companies are already increasing the profitability and improving the environmental, social and governance consciousness of their businesses by developing innovative products, offering new services, and creating more jobs.

There is, however, cognizance that many businesses do not possess the internal expertise nor the financial resources to undertake the gamut of actions that are necessary to conceive, develop and implement, successfully, a sustainable energy project. This is part of the raison d’être for the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE), which is a Barbados-based institution of CARICOM, established by the Conference of Heads of Government in 2017.

The Centre, in November 2020, established a Project Preparation Facility (PPF) to provide project preparation assistance to the regional private sector.

The PPF deliberately targets the ‘most significant barrier’ impeding Caribbean businesses by supporting them in developing ideas and concepts into bankable outcomes that can secure investment and financing.

Through a combination of standard and bespoke services, the PPF is already delivering assistance to projects in Antigua and Barbuda, Barbados, Belize, Guyana, St. Kitts and Nevis, and Suriname.

Through its web portal, the CCREEE offers an efficient and effective way for interested parties to apply for a variety of PPF services. Barbadian companies are encouraged to visit ccreee.org/ppf for more information and to access its services.

Above: A 420kW solar installation at the Bowmanston Pumping Station in St. John, Barbados. The CCREEE worked with the BWA to more than double the capacity of the installation, improving the operational resilience of BWA and lowering greenhouse gas emissions.

Are
you
a
developer
or
investor,
 involved
in
the
development
of
 a
sustainable
energy
project?

Do
you
need
assistance
to
determine
its
engineering
and
 commercial
design,
technical
feasibility,
or
financial
viability?

Then,
the
Project
Preparation
Facility
(PPF)
of
the
Caribbean
Centre
for
 Renewable
Energy
and
Energy
Efficiency
(CCREEE)
can
help.

The
PPF
provides
project
preparation
 assistance
for
renewables,
such
as
solar,
 wind,
hydro,
geothermal,
ocean,
 bioenergy,
and
efficient
combined
heat
 and
power
projects.
The
PPF
also
 supports
battery,
hydrogen,
and
other
 forms
of
energy
storage
projects,
as
well
 as
innovative
businesses
that
target
 distributed
energy
resources
-
including
 energy
efficiency
- and
electrification
 within
the
transport
sector.

The
Facility
can
be
accessed
to
support
 you
at
any
stage
of
the
development
 cycle
for
your
project
and
can
provide
 services
that
range
from
pre-engineering
 and
engineering
design
to
business
and
 commercial
design
to
support
on
 financing,
engineering,
procurement,
and
 construction.

Find
more
information
on
the
PPF
and
apply
for
project
 preparation
assistance,
via
ccreee.org/ppf. You
can
also
write
to:
ppf@ccreee.org

Technical
and
commercial
design
 Prefeasibility
assessments
and
feasibility
studies Refining
or
developing
your
business
plans
or
project
proposals Finding
financing
that
is
matched
to
your
project
or
business Assisting
with
market
identification
and
offtake
agreements Helping
to
navigate
the
necessary
applications
and
permitting
 processes Managing
stakeholders
that
are
important
for
the
success
of
 your
project Managing
the
engineering,
procurement
and
construction
(EPC)
 for
your
project www.ccreee.org
|
:
+1
246
537-7333
|
info@ccreee.org

The
PPF
is
one
of
several
programmes
of
the
Caribbean
Centre
for
Renewable
Energy
and
 Energy
Efficiency
(CCREEE),
an
institution
of
the
Caribbean
Community
(CARICOM),
which
 was
established
by
the
Heads
of
Government
to
accelerate
the
transition
to
sustainable
 energy
production,
delivery
and
use
within
the
region.