The United States government is urging Caribbean countries to accept a new energy paradigm based on private investment in order to diversify its energy sources and reduce dependence on “Petrocaribe”, the Venezuelan subsidized oil program.
Vice President Margarita Cedeno represented the Dominican Republic at the Caribbean Energy Security Summit held on Monday, 26 January 2015 in Washington, D.C. The Dominican Republic was also represented by Minister of Energy and Mines Pelegrin Castillo, Dominican Public Electricity Corporation (CDEEE) vice president Ruben Jimenez Bichara and Deputy Minister of Hacienda Magin Diaz.
Most of the countries represented at the summit, including the Dominican Republic, benefit from the Petrocaribe initiative launched in 2005 by late Venezuelan President Hugo Chavez to provide long-term financing for oil exports to the countries in the region. Last week, the International Monetary Fund (IMF) warned that falling oil prices had prompted Venezuela to begin to reduce support to the plan, which could have serious repercussions on the Caribbean beneficiaries.
In such a scenario, the US government pushed for a World Bank proposal to create a Caribbean Energy Investment Network to improve coordination and communication among development partners and to empower Caribbean nations to direct and align external support with their own national goals.
During the meeting, the US Vice President called for a focus on renewable energy, mentioning wind, solar energy, biomass and natural gas as better options than oil.
In his keynote address, Vice President Biden stated:
“Progress is possible. And it’s possible to begin now – not a decade from now, but now. And that’s what we’ve discussed in our meetings today. You can set up an electric sector that uses geothermal energy, hydropower, and other sources to give the system stability. You can max out your use of renewable energy resources like wind, solar, and biomass, diversifying your supply, keeping your foreign reserves in the bank where you need them. You can leverage energy efficiency in every sector, shrinking the amount of energy you need to keep your economy humming.”
http://www.whitehouse.gov/the-press-office/2015/01/26/remarks-vice-president-biden-caribbean-energy-security-initiative
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