Caribbean Needs $30 Billion of Investment to Cut Fossil-Fuel Use

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The Caribbean needs to lure as much as $30 billion of investment to cut reliance on fossil fuel and expand renewable energy, partly by securing attractive payments for generators of clean power, a regional development bank said.

“Most of our countries are highly dependent on fossil fuels for power generation,” Caribbean Development Bank President Warren Smith said in an interview in London. “This vulnerability to volatile oil prices has contributed hugely to the competitiveness challenges of Caribbean industries.”

About $20 billion is needed in the next five to 10 years to replace power plants and upgrade distribution and transmission, he said. Another $10 billion is required to improve roads and airports and “climate-proof” current infrastructure. There is potential to replace 4,750 megawatts of fossil-fuel generation with renewables through 2019, Smith said.

The bank is talking with regional utilities interested in building clean-energy plants to…

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