Top 10 Reasons the Caribbean Could be the Next Big Leader in Green Energy
10. Big investment potential.
Dr. Warren Smith, head of the Caribbean Development Bank, told BusinessGreen that at least $30 billion is needed to update and modernize the Caribbean’s energy infrastructure in order to protect it from extreme weather circumstances. This means there is a lot of potential for local and international companies to launch important projects within the region.
9. Needs for a long term solution to weather.
Smith also told BusinessGreen that the constant cycle of borrowing money for repairs needed from extreme weather events is hindering economic growth in the area. Updated renewable energy infrastructure could help break this economic catch-22.
8. The Caribbean Development Bank is already working toward renewable energy.
The CDB is already working on attracting investments to the region and has already begun assisting in the deployment of solar projects across the region.
7. The CDB is working with the European Investment Bank.
In addition to its assisting of solar project delployment, he CDB has secured a €50 million line of cheap credit for states that are willing and able to boost their renewable energy initiatives.
6. The region could receive assistance from the UN.
The CDB is positioning itself to be a an intermediary for funding for the U.N.’s Green Climate Fund, which BusinessGreen reports should be capitalized with $15 billion by the end of this year.
5. There’s big geothermal potential in the eastern Caribbean.
Smith told BusinessGreen that they could not only reduce their dependency on fossil fuels by tapping into this, but also export energy to other islands. "The other benefit here is that they would be able to build a size of plant that is bigger than what they need for their own market so they would get economies of scale and a lower cost of electricity," he added.
4. There is growing concern about the climate and a push for renewable energy in the region.
“The whole business of climate awareness is growing quite rapidly in the region and we're doing our part in trying to spread the message ... it is good business in going green - that there is benefit to be had from it," Smith said.
3. The Caribbean is thinking globally.
This October, green energy players from around the region and world will converge on Miami for the Caribbean Renewable Energy Forum. The event is taking place in Miami because it is a “city which will maximize our ability to connect Caribbean energy stakeholders to international capital and technology.”
2. Leaders in the region such as Dominica, Montserrat, and Guyana are helming renewable energy efforts and setting an example for other countries. The three took the top three spots in the Castalia Renewable Energy Island (CREF) Index for 2013. Their biggest areas of progress are in planned renewable energy generation.
1. Renewable energy isn’t a choice: It’s a necessity.
"There's a 10 to 24 per cent possibility of one or more of our countries being hit by a major weather event each year and the damage would average about one per cent of GDP— but in some instances it's significantly greater," Smith told BusinessGreen. "The threat is getting more and more ominous as climate change unfolds and as the world delays its response to that phenomenon. Really, the imperative of responding to climate change for us is one of survival— it's as fundamental as that."
Top 10 ways to prepare for COVID-19
Energy Digital sets out Gartner’s Top 10 ways organisations can prepare for a pandemic, via effective operational risk management.
As the spread of the Coronavirus (COVID-19) continues to develop, many businesses are left uncertain as to whether their risk mitigation plan is sufficient.
In a recent webinar conducted by the research and advisory firm just 12% of 1,500 people believe that their business is highly prepared for the impact of COVID-19, while 56% believed themselves to be somewhat prepared, and 11% believed themselves to be very unprepared.
“Most organizations have done some pandemic planning but still have many unanswered questions about whether they have done everything they can to manage risks,” says Jim Mello, Senior Director, Advisory, Gartner.
Establish a preparedness framework
Establish a team that represents all critical business functions. These people will report directly to executive management and are responsible for prioritising the importance of business activities and organise them in tiers for response and recovery.
Monitor the situation
It is important to ensure that organisations monitor the rate in which the infection is spreading and its severity. Many rely on the World Health Organisation for information.
Be sure to revise revenue forecasts and communicate with investors, as well as suppliers in regards to any potential finance issues. It is important to ensure that the business has the working capital to ride it out.
Ways to ensure this include: working capital checks, seeking loans or government-sponsored financial relief.
Extend personal hygiene and cleaning protocols
It is important to comply with any changes to workplace regulations. In addition, it is important to establish protocols for staff returning from infected areas, as well as extending existing hygiene activities.
Ensure close monitoring of absenteeism rates for signs of problems. It is important to identify critical staff in order to make sure the company can continue to function in their absence and be prepared for up to 40% absentee rates.
In addition to reviewing HR policies and procedures, it is important to maintain a level of sensitivity when it comes to engaging with employees and workplace preferences.
Establish a communication programme
People can feel out of the loop quickly. Establish a spokesperson appropriate for the situation who can maintain lines of communication. In addition, organisations should establish pre-approved messages and scripts for various stakeholders.
Review the impact on the operation
Although this may seem overwhelming, the team established to represent all critical business functions should identify key areas to consider. It is important to maintain a connection with the reality on the ground in countries affected.
Key questions to consider: is transport functioning? Have holidays been extended? Where can operation continue and where do they need to stop?
IT business functions tend to be relatively well-prepared for business continuity. However, it is important to assess the supply chain for critical equipment and keep extra inventory if required.
In addition, organisations should keep in mind remote data centre management and cloud options for critical systems as well as enabling remote working programs and rescheduling any non-essential IT work prioritising key applications.
Review pandemic plans to identify any gaps in response
Conduct a preparedness exercise by validating roles and responsibilities as well as recovery requirements and procedures, in order to identify any gaps in the recover capabilities and resource needs.
Following the establishment of a pandemic plan, identify three lessons learned, key observations or improvements for the exercise. After establishing these organisations should priorities the short and long term follow up actions.