CDB head urges ‘full frontal attack’ on region’s high energy costs

Caribbean Development Bank (CDB) President Dr Warren Smith yesterday sounded a call for the region to adopt a unified approach in reducing its high energy cost, saying it remains the main obstacle to the competitiveness that is needed for sustainable economic growth.

Speaking at the 44th Annual Meeting of the Board of Governors, which opened yesterday at the Guyana International Conference Centre at Liliendaal, Smith said a “full frontal attack” on energy costs and the poor state of electricity infrastructure is needed to transform the Caribbean’s competitiveness landscape and nurture sustainable prosperity.

Smith pointed out that the CDB has financed electricity generation, transmission and distribution facilities in its Borrowing Member Countries (BMCs) virtually since its inception and he assured that it will continue to do so, including collaborating with development partners. But he said many of the generating plants are obsolete and need to be replaced by a mix of technologies comprising “renewables and natural gas.” He disclosed that it is estimated that an investment of as much as US$10B in new generation capacity could be required within the medium term if the region’s electric utilities are to  …..To continue reading, login or subscribe now.



Join the Conversation

After you comment, click Post. If you're not already logged in you will be asked to log in or register.

The Comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit/delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity. We moderate ALL comments, so your comment will not be published until it has been reviewed by a moderator.