Our recent report provides a snapshot of renewable energy growth in the Caribbean over the last 10 years – synthesizing data and energy statistics from over 300 projects and encompassing all major supply-side technologies such as solar, wind, geothermal, hydro, waste-to-energy, and bio energy.
There is approximately 3.1 GW of installed and operational renewable energy in the Caribbean including hydro, whose legacy is giving way to new technologies.
It is estimated that the Caribbean holds 3,770 MW of potential geothermal energy.
Geothermal, which shows little progress across the region over the ten-year period, may yet have its day in the sun. Unlike waste-to-energy, geothermal has supporters with significant capital. For instance, the multilaterals, led by the Caribbean Development Bank, the Inter-American Development Bank and The World Bank, have mobilized funding to address inherent issues around geothermal resource and project risk — although this does not necessarily guarantee success. In some of the region’s smaller markets, the question is not between geothermal and intermittent renewables, rather it is a question of one or the other.
Which will prevail in the coming years will depend on the new regional algorithm whose key components are economics, reliability — and resilience. That debate is playing out vigorously in the region as we speak.
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