PRESIDENT of the Caribbean Development Bank (CDB) Gene Leon is encouraging regional governments to bite the bullet and make investments in renewable energy for the long-term benefits of such undertakings.

With Caribbean countries signing on to Conference of Parties agreements aimed at reducing global warming by 1.5 degrees above pre-industrial levels by 2030, many are considering measures to transition from oil to renewable energy. In fact, the region has long been touted, based on its geography, as ideal for energy generation from solar, wind, hydro and geothermal sources.

Responding to a question from the Jamaica Observer during the 2022 Annual News Conference last week, Leon said, “The rationale for going renewables in our region is more than just climate. There’s an economic rationale that says we can do better.”

Over the long term, he stated, countries stand to benefit from saving foreign exchange as well as generating energy at a lower cost per kilowatt hour when compared to the importation of petrol. The CDB president added that the technology which now exists facilitates the conversion of solar, wind, hydro and geothermal energies into electricity at a lower cost for consumption and industrial uses.

https://www.jamaicaobserver.com/business-report/count-the-cost-cdb-head-urges-investment-in-renewables_243631