Business View Caribbean | July 2020

10 BUSINESS VIEW CARIBBEAN JULY 2020 Head of the CARICOM Energy Unit, Dr Devon Gardner prepared. Project implementation will continue at the same time, with a view to having relevant projects inform the strategy. This was in line with another recommendation from panelist Andrea Denzinger, who suggested that the region implement pilot projects and allow them to create data and build trust. In their quest to support the development of the sustainable transport sector, the CARICOM Secretariat – through its Energy Unit – and the CCREEE have established a Regional Electric Vehicle Working Group to produce the Regional Electric Vehicle Strategy Framework. Having been presented with an overview of the framework, eighty-five percent (85%) of participants joining the discussion indicated that they were sufficiently convinced of the need for such a strategy. Nonetheless, there were cautions in light of the financial implications of the COVID-19 pandemic. Panelist Xavier Gordon shared that he completed the region’s first empirical meter reading study in 2017 and, the results show that electrification makes sense for the region. Nevertheless, he noted that access to finance may be significantly slowed as countries and donors redirect available funds. The Caribbean Reality Within the region, several opportunities exist to propel a transition towards wide-spread use of electric mobility, according to panelists. Sharing on the Barbados experience in implementing the Electric Bus Project where 33 electric buses are being procured, panelist Antonio Sealy told attendees that there was tremendous value to the transport sector, through electrification of public transportation. He maintained that cost benefits were to be found through fueling and maintenance, with estimated savings of BBD $2M annually for the current project. Improved comfort and commuter experiences, as well as reduced environmental impact through lessenend noise and greenhouse gas emissions were also identified as advantages. The total cost of ownership of an EV was lower when compared to an ICE vehicle, as global market trends show a decline in EV costs