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
