Regional and international stakeholders in the energy sector met here in St. Vincent and the Grenadines to take part in a round table workshop on the design of bankable power purchase agreements in Caribbean small island developing states.
The workshop, which took place at Beachcombers on Monday, was led by the international renewable energy agency along with stakeholders from the finance sectors focused on capacity building on the design of bankable power purchase agreements.
Giving remarks was Program Director of the Sustainable Energy Unit at the OECS Judith Ephraim-Schmidt, who said the on-going energy situation reminds small island developing states of the urgent need to accelerate the transition towards increased energy security, independence and resilience.
The Program Director said there is strong potential in the region to make use of indigenous and renewable energy resources, with governments around the region articulating ambitious sustainable energy targets and climate related commitments that support sustainable energy development.
Schmidt, however, noted that unlocking this potential is dependent on securing the right agreements which will facilitate high quality investments which will favour countries across the region.
Delivering the feature address was Prime Minister Dr the Hon. Ralph Gonsalves who said through the frame work of a national energy policy, the government has paid tremendous attention to the use of hydro, geothermal and solar power generation.
Addressing the concern of nations being bound to long term unfavourable agreements, Dr. Gonsalves said this country already has experience in setting up an efficient power purchase agreement which protects the nation.
The Prime Minister added that the process must be transparent and the advice of local, regional and international experts must be taken seriously.