Energy Ministers of the Caribbean Community (CARICOM) have underscored the need for urgent action at the national and regional levels to address the challenges associated with increasing oil prices.
The Ministers ended a one-day Special Meeting of the Council for Trade and Economic Development (COTED) in Georgetown, Guyana, yesterday.
A Caricom release said that they acknowledged that the energy situation remained dire for the net oil importing Members of the Community given the recent surge in oil prices intensified by the ongoing political turmoil in the Northern African and Middle Eastern Region. They noted that the prevailing high prices had the potential to create a crisis for net energy importing Members.
“Having identified gaps and areas for strengthening, including those related to renewable energy and climate change issues, the Ministers mandated that the finalisation of the CARICOM Energy Policy be expedited. A draft of the Policy was submitted to CARICOM Heads of Government in 2007”, the release said.