Four years ago, disastrous hurricanes that hit the Caribbean caused irreversible damage to its power grids to such an extent that the electricity supply remains limited to date in many regions. The Caribbean islands continue to look for a permanent solution by utilizing renewable energy sources to tackle the hurricane season. Renewable energy programs will help diversify the island's power supply and increase resilience.
Another challenge that the Caribbean faces is climate change. The hazards that result in warm temperatures cause sea levels to rise, increasing extreme weather episodes that make the Caribbean susceptible to grave dangers.
The implementation of the renewable energy program will sustain the islands when it faces the wrath of natural calamities. More than 200 hundred days of pure sun is beneficial to produce Solar energy. The solar panels will generate electricity at similar or less expensive costs compared to conventional power plants. Along with Solar Power, wind, geothermal energy, and hydropower, there lies a vast potential to free the islands from fossil fuels entirely.
The Advantages of Renewable Energy Resources
1. Unlock the access to inexhaustible fuel supply
Renewable sources naturally replenish themselves, unlike the mining of coal, crude oil, and natural gas. Over the decades of unstoppable usage of fossil fuels, they are becoming strenuous and expensive to source that results in the irreversible destruction of natural habitats resulting in significant financial loss. On the other hand, renewable energy will never run out.
2. Zero Carbon Emissions
One of the most remarkable benefits of Caribbean renewable energy programs is that it leads to zero-emission of greenhouse gases or other pollutants. Embracing renewable sources such as solar power will no longer contribute to global warming. Many renewable energy sources are already powering cars and air travel, providing us with emission-free energy and heat.
3. Cleaner Air and Water
The burning of fossil fuels to generate electricity adversely impacts and contaminates the air we breathe and the water we consume. For example, coal power stations releases high volumes of carbon dioxide and nitrous oxide immediately into the atmosphere that are few of the most notoriously potent greenhouse gases.
In contrast to fossil fuels, renewable energy produces no pollution, waste, or doesn’t contaminate air or water, and in fact, it has the potential to clean the air.
4. A Cheaper Form of Electricity
Today solar and wind are becoming the cheapest sources of electricity worldwide. The use of solar power is rising rapidly in the Caribbean; not only is it lowering energy consumption, but it is increasing resiliency against severe weather.
Initially, green energy was a “clean-but-expensive” option – now it’s helping to reduce energy bills for people worldwide.
The Caribbean Investing in Renewables Energy
MPC Caribbean Clean Energy Ltd., a Caribbean-based investment company, recently announced this week that it had made a “Commitment to Action” to escalate the implementation of renewable energy in the Caribbean by making it straightforward for US impact investors to enter the Caribbean market.
In the coming two years, the company aims to raise USD 90 million from US-based impact investors, institutional investors, and foundations. This money will be distributed amongst the 15 renewable infrastructure projects in the Caribbean.
Furthermore, the Member States of the Caribbean Community (CARICOM) has set a regional target of 47% renewable energy contributing to the total electricity generation by 2027. Caribbean Islands will also require an additional 4 GW of renewable energy capacity, and it will need approximately USD 9 billion as additional investments to comply with their NDCs.
There is no way forward without using renewables. The Caribbean is ready to make a switch, to make the future look ‘Green.’
