Caribbean Energy Security Initiative (CESI)
The Caribbean Energy Security Initiative (CESI) aims to boost energy security and sustainable economic growth in the region by attracting investment in a range of energy technologies through a focus on improved governance, increased access to finance, and strengthened coordination among energy donors, governments, and stakeholders. Since CESI’s launch, the United States has taken significant steps in a number of concrete areas:
Governance: Through targeted technical and policy assistance programs, the United States partners with governments to put in place the legal, regulatory, and policy frameworks required to introduce new technologies and approaches to managing electricity load in small island markets, while also recognizing that electric utilities need to stay financially viable. U.S. agencies have provided technical assistance to a number of Caribbean island nations, including St. Kitts and Nevis, Haiti, Jamaica, the Dominican Republic, and Antigua and Barbuda.
Finance: U.S. development finance can catalyze private sector interest and investment in the region and help demonstrate that the Caribbean can be an attractive location for a wide range of well-prepared clean energy projects. Since CESI’s launch, the U.S. Overseas Private Investment Corporation (OPIC) has financed over $120 million in energy deals in the Caribbean and has an additional $70 million in the project pipeline. Through the Clean Energy Finance Facility for the Caribbean and Central America (CEFF-CCA), jointly implemented by OPIC, the U.S. Trade and Development Agency, and USAID, the United States is providing up to $20 million in grant funding to help promising projects address early stage development challenges and achieve bankability.
Donor Coordination: The United States is providing technical support to the Secretariat of the Caribbean Community (CARICOM) to implement a virtual platform to facilitate regional energy planning, program development, and project deployment. This platform will serve to improve communication and coordination among international energy assistance partners and between these partners and regional governments to reduce duplication of effort, minimize burden on overtaxed energy ministry staff, and ensure the support that development partners offer is in line with what the region requests.
Remarks at the Caribbean Renewable Energy Forum Conference (CREF)
Special Envoy Hochstein: "I am here to say that the United States government wants to be involved in renewable energy in the Caribbean, and that is why we are here today. I am here not by myself, I am here with a delegation from across the U.S. government, from several different agencies that is here today and will be here for the next couple of days. Full Text»
Energy Security in the Caribbean Video, Bureau of Energy Resources
Special Envoy Hochstein (May 4): "When you look at the Caribbean, you have a series of island states who have a very high cost of electricity, in a region that needs an enormous amount of power in order to succeed and to prosper. Most of that electricity in this region, in the Caribbean, is being achieved through fuel oil." Full Text» DipNote»