At the recently concluded 3rd annual IDB meeting of Caribbean Governors held in Port of Spain, the various regional finance ministers voiced strong concerns about the high energy cost currently facing the region.
IDB has recently announced the launch of a Caribbean Energy initiative which is geared at reshaping the current regional market in such a way to allow countries to take advantage of the reduction in the cost of natural gas and its increased supply.
It is intended that this Caribbean Energy initiative will act to compliment the existing energy efficiency and renewable energy projects which the IDB has been funding regionally.
“The region is looking for a new paradigm,” said IDB President Luis Alberto Moreno. “Both the larger, resource-based economies and the smaller, service-based economies face the same challenge.“New products and new trading partners will have to be cultivated,” he urged. “This calls for a willingness to embrace change.”