THE current state of sustainable energy development, the need to mobilise capital towards the transformation of the energy markets and the need for greater energy resilience in countering the sustained effects of natural disasters and the Covid-19 pandemic.
These were some of the topics discussed at the 88th Special Meeting of the Council for Trade and Economic Development (COTED) – Energy which was held via conferencing on Thursday. The Trinidad and Tobago delegation was led by acting Permanent Secretary of the Ministry of Energy and Energy Industries Penelope Bradshaw-Niles.
In a press release the Ministry of Energy and Energy Industries stated, “The continued acceleration of the energy transition as the world moves towards a global low carbon pathway requires the replacement of inefficient fossil fuel structures and the modernisation of electricity grids inclusive of micro-grid technology for unserved communities. This necessitates innovative financing mechanisms and creative policy instruments that meet the specific character of CARICOM.”
The collaboration among CARICOM member states, International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs) was paramount to member states achieving their renewable energy targets according to the Paris Agreement and to accelerate sustainable energy development within the Caribbean, the Ministry added.
The meeting was the precursor for the upcoming high-level meeting on energy finance between CARICOM member states and the International Development Partner (IDP) Community that is tentatively scheduled for March 2021.