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Summary of Report: "A Caribbean Regional Transition Scenario: Pathways for delivering a secure and resilient energy future in the Caribbean"

The report highlights the urgency of transitioning Caribbean economies from fossil fuel dependency to renewable energy to address climate vulnerabilities, economic inefficiencies, and energy insecurity. Key points include:

Authors and Peer Review

• Authored by RMI and collaborators, with peer review by experts from organizations like CCREEE, IRENA, and regional entities.
• Acknowledges regional vulnerabilities to climate change and the need for equitable, just transitions.

Regional Collaboration and Pathways

• Unified Approach Needed: Regional targets (aligned with C-SERMS) can attract investment, reduce redundancy, and ensure shared benefits. Renewables penetration must accelerate by 2030 to meet global climate goals and leverage economies of scale.
• Key Transition Pathways:
  1. Distributed Energy: Rooftop solar + storage enhances local resilience (e.g., Barbados).
  2. Utility-Scale Renewables: Solar/wind farms reduce costs through scale (e.g., Grenada).
  3. Independent Power Producers (IPPs): Private investment drives projects like Jamaica’s Wigton Windfarm.
  4. Geothermal: Baseload power solution (e.g., Dominica’s 10 MW plant).

Critical Enablers for Transition

1. Policy & Regulation:
   • Regulatory harmonization (CCREEE’s MRF framework), clear feed-in tariffs, and streamlined permitting are essential.
2. Financing & Investment:
   • Blended finance, concessional loans, and project aggregation (e.g., regional funds) unlock capital.
3. Grid & Storage Upgrades: Battery storage ($11 billion needed by 2030) and smart grids improve resilience.
4. Workforce & Capacity Building: Local training and partnerships with institutions like UWI support RE deployment.
5. Climate Adaptation: Integrating renewable energy into water/desalination, agriculture, and disaster response boosts resilience.

Strategic Recommendations

• Establish Regional Targets: Renegotiate C-SERMS goals to meet the Dubai 2030 goals (3x renewables).
• Build Bankable Pipelines: Regional project preparation facilities streamline RE development.
• Accelerate 2025-2026: Political leadership, stakeholder alignment, and innovative finance are critical to meet interim milestones.

Conclusion

The Caribbean’s energy transition is an economic and existential opportunity. By embracing regional collaboration, leveraging localized resources, and addressing barriers to investment, the region can secure a resilient, affordable, and climate-aligned energy future by 2035.