CONTEXT
Constant fluctuations in world oil markets, increasing oil prices, and the high dependence on oil imports, are severely affecting the sustainable economic growth of the small economies of the Caribbean region.  A common feature in the national budgets of most Caribbean nations is significant allocations for securing oil supplies required to generate electricity. To combat growing energy budgets, governments have traditionally taken one of two policy routes – to subsidize the cost of electricity and gasoline or pass the costs on to consumers. It has become more evident that reliance on these unsustainable policies has placed Caribbean countries in precarious economic situations. With the ongoing process of globalization, opening of markets and increasing world competition, the Caribbean’s challenges of energy dependence and energy security have now become synonymous with the Caribbean’s challenge to remaining competitive.

OBJECTIVES
For Caribbean business to remain competitive there must be focused discussion on regional energy policy harmonization, conservation, and alternative and renewable sources as ways to reduce energy costs, strengthen energy security and improve the standard of living. Such dialogue must be mindful of the Caribbean Single Market and Economy (CSME) context; it must bring together diverse regional stakeholders including policy makers, the private sector and civil society – both energy suppliers and energy consumers, to find solutions to ensure the region’s competitiveness.

This Energy and Caribbean Competitiveness Conference will aim to engage leaders from industry and government including entrepreneurs and small and medium enterprises; foster interactive dialogue between top level executives;  build capacity and disseminate information on energy management techniques, systems, technologies, investment opportunities and financing; forge partnerships between the public and private sector inter-regionally and extra-regionally especially with US based businesses; find equitable solutions through open dialogue between energy suppliers and consumers; encourage commitment from decision makers to implement findings within their respective spheres of authority and; deliver results to the Caribbean community.

CONFERENCE METHODOLOGY

Each session will present influential regional and US leaders giving their perspectives and vision for the future. This interactive “town meeting” format allows the audience to comment on issues and submit questions to the expert panels. Moderators will engage the discussants and participants in an Active Dialogue aimed at providing 3 to 5 actionable responses to four fundamental questions:

• What needs to be done to successfully address the regions energy issues?

• How can the region encourage investment in energy?

• What technologies are economical and realistic for the region to implement?

• What funding sources are available?

Participants will be encouraged to avoid spending time describing the difficulty of the present situation (Where are we now?). Emphasis will be placed on sharing visions of the future and on the actions (or steps) that must be taken to turn that vision into reality. Participants should reflect on three broad criteria as they relate to these discussions:

• What are the opportunities for my industry and community?

• What is the role of my firm or organization?

• What initiatives are currently underway in each country and what synergies exist across the region?

The moderators will be responsible for conveying the roundtables’ main discussion points and their recommendations to attending Minister’s.

FOCUS AREAS

Harmonization of Regional Energy Policies for the Caribbean Market
Can the region achieve lower costs of supply by agreeing on issues such as import duties and customs procedures, taxes regimes and subsidies, regulatory framework and pricing systems? Can agreed measures create market efficiencies to render long-term benefits to the region?  Is standardization economically feasible and what are regionally suitable standards? How can current policies effect these changes? What will be the costs to businesses and consumers in terms of operational changes?

Alternatives Energy, Renewable Technologies and Energy Conservation
A diversified energy portfolio will reduce petroleum dependence of countries hence stabilizing domestic electricity rates to consumers. Wind, geothermal and solar technologies may be economically and technologically feasible. What exactly are the investment risks?  What policies and incentives are needed, and are there best practices in the region?  Can investment in energy efficient technologies reduce costs?  Can US companies facilitate technology transfer?

Back to Top