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A New Paradigm For Caribbean Development: Transitioning To A Green Economy
The main objective of the study is to augment the regional and international dialogue on the Green Economy in the context of inclusive and sustainable development. The study contributes to knowledge about and understanding of the fundamental requirements for transitioning to a Green Economy in the Caribbean and the attendant implications for policy and institutional arrangements.
The Caribbean Development Bank (CDB) contracted the Caribbean Natural Resources Institute (CANARI) to undertake a study entitled “A New Paradigm for Caribbean Development: Transitioning to a Green Economy”. The main objective of the study is to augment the regional and international dialogue on the Green Economy in the context of inclusive and sustainable development. The study contributes to knowledge about and understanding of the fundamental requirements for transitioning to a Green Economy in the Caribbean and the attendant implications for policy and institutional arrangements. The study offers new and innovative ideas to promote green, inclusive, sustainable development, as well as assesses the net socioeconomic and environmental impacts of moving to a Green Economy. It is intended to help countries craft green development strategies by providing practical recommendations to governments and other key stakeholders in the development process on how to identify and exploit green opportunities for productive transformation and, by extension, inclusive and sustainable development.
Much of the interest in green economy, in the Caribbean, as elsewhere, revolves around its implications for the energy sector. Most Caribbean countries clearly want to reduce dependence on fossil fuels through the development of indigenous alternative sources that are more sustainable with significant emphasis on renewable energy and energy efficiency within broader strategies to green key sectors. For example, policymakers in the Region are looking for concrete advice and direction with respect to renewable energy for electricity generation. They need economic data on the costs and benefits of switching to renewable energy, including information on the potential for significant foreign exchange savings, revenue impacts, employment generation and environmental impacts.
All major energy institutions globally (including IEA, WEC) and regionally (OLADE) agree that EE is huge and is more immediate and near term with respect to impact. However, it is in the area of RE development that the major opportunity exists for permanently transitioning the current energy generation systems of the Caribbean to being more sustainable over the long term. In fact, pursuing RE development will necessarily be accompanied by some measure of EE improvement along the energy system, to ensure maximisation of the productivity of harnessed resources and investments. For this reason this study will focus on renewable energy.