Industry News

Transitioning to a Green Economy

Much of the interest in green economy, in the Caribbean, as elsewhere, revolves around its implications for the energy sector. Most Caribbean countries clearly want to reduce dependence on fossil fuels through the development of indigenous alternative sources that are more sustainable with significant emphasis on renewable energy and energy efficiency within broader strategies to green key sectors. For example, policymakers in the Region are looking for concrete advice and direction with respect to renewable energy for electricity generation. They need economic data on the costs and benefits of switching to renewable energy, including information on the potential for significant foreign exchange savings, revenue impacts, employment generation and environmental impacts.

The CDB commissioned a study into “A New Paradigm for Caribbean Development: Transitioning to a Green Economy”. The main objective is to augment the regional and international dialogue on the Green Economy in the context of inclusive and sustainable development. The study contributes to knowledge about and understanding of the fundamental requirements for transitioning to a Green Economy in the Caribbean and the attendant implications for policy and institutional arrangements. The study also offers new and innovative ideas to promote green, inclusive, sustainable development, as well as assesses the net socioeconomic and environmental impacts of moving to a Green Economy.

Credit: Caribbean Development Bank. Link to Report.

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