THE CARIBBEAN CENTRE for Renewable Energy and Energy Efficiency (CCREEE) will go a long way to addressing the fossil fuel problems of the region.
Prime Minister Freundel Stuart, in addressing regional and international representatives today at the inauguration of the CCREEE in the Lloyd Erskine Sandiford Centre, said in many cases, a Caribbean country’s gross domestic product (GDP) was tied to the price of oil.
“Every day we bear the burden of being susceptible to the vagaries of International oil prices, being net importers of petroleum products. This is reflected in the naked statistic that 20 per cent of the region’s GDP is spent on petroleum imports and that a US$10 increase in the price of crude oil leads to a decline of 1.5 per cent in the region’s GDP.
“The harsh reality is that, with the exception of Trinidad and Tobago, Caribbean countries import 90 per cent of our energy which, because of our reliance on oil and the volatility in the International oil market, limits our competitiveness as a region and acts as a brake on economic growth. It is with anticipation that I envisage the CCREEE will be a medium used, at the inter and intra-regional SIDS level, to share individual experiences, knowledge, and skills, as well as to nurture further development amongst the SIDS within the Caribbean,” he said.
CCREEE is located in the Trinity Office Centre, Country Road, St Michael. The aim is to facilitate renewable energy initiatives in the region by providing access to investment projects. (CA)