Georgetown: Prime Minister of Antigua and Barbuda, Gaston Browne, who took over the reins of Chairmanship of the Caribbean Community (CARICOM), recently at the 35th meeting of the Region’s Heads, stressed the need for more focus on renewable energy sources and noted that this is a possible area of cooperation between regional governments.
He said, “I think here particularly of renewable energy projects that are hydro or geo-thermal related in, say, Guyana, St. Kitts and Nevis and Dominica.
“One or two governments might invest in a project in a country with a natural resource that could be developed into a viable project that would create an income stream not only for the government in which the resource resides, but also the governments that invest in the enterprise.”
According to him, renewable energy projects have “high front-end” capital costs, but financial studies that have been done indicate significant returns once they are up and running.
“While one government might lack the credit standing to raise money in the capital market, if two or more governments approach the market together with equity stakes in the projects, they have a better chance of success,” Browne said.
He made it clear that the Region is by no way a resource-poor collective.
“We must always recall that together we have an abundance of wealth, he said, “Together, our countries possess gold, diamonds, oil, gas, bauxite, forestry, abundant agricultural products and fisheries, tourism and financial services. Our Region is by no means resource poor.”
Not recognising this potential, the new CARICOM Chair contends, contributes to “pauperisation” by the Caribbean Region itself, when it fails to integrate our resources in joint production and joint ventures.
“Is it not time that we stop clinging to limited possessions with limited returns in the name of national sovereignty, when such clinging does not improve our circumstances? Is it not better that we pool our resources to give us all ownership of joint enterprises from which we all derive a greater benefit?” Browne questioned
MORE SUPPORT
The Prime Minister of Antigua and Barbuda is the latest regional head that has plugged the renewable energy potential of Guyana.
President of the Caribbean Development Bank (CDB), Warren Smith, at the Bank’s 44th annual meeting in the latter part of May this year, noted the possibility of Guyana being able to export surplus hydropower to the Caribbean, as well as the potential benefits for the local economy.
Also, the Chair of the Private Sector Commission (PSC), Ramesh Persaud, recently called for the development of Guyana’s hydropower capacity, particularly given that cheap energy supply can increase Guyana’s competitiveness in the several emerging sectors, since it is more economical to establish “energy farms” as compared to paying “significant costs” for fossil fuels.
Slated to be this nation’s most ambitious undertaking, the Amaila Falls Hydro Project (AFHP) is touted to be able to provide Guyanese with a cheaper, reliable and sustainable electricity supply. It involves the construction of a hydropower plant in the area of West-Central Guyana, where the Amaila and Kuribrong rivers meet. Electric current produced there would be delivered to Georgetown and Guyana’s second largest town, Linden.
The AFHP is anticipated to result in substantial savings to the nation’s coffers, particularly in terms of foreign exchange and the purchase of heavy fuel oil.
Additionally, the potential benefits of a more stable and reliable source of energy through the advance of hydroelectricity was also targeted by the International Monetary Fund (IMF), last December, as an area for continued focus.
On July 18, 2013, the combined Opposition in Parliament defeated the Hydroelectric Power (Amendment) Bill in the National Assembly and, in August, the Government took the legislation back to the House Assembly and received the backing of the Alliance For Change (AFC), but A Partnership for National Unity (APNU) voted down the bill and motion.
However, the current People’s Progressive Party/Civic (PPP/C) Administration has since made public its commitment to ensuring that hydropower is a realisation for Guyana.
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