Business View Caribbean | July 2020

9 BUSINESS VIEW CARIBBEAN JULY 2020 (Caribbean Centre for Renewable Energy and Energy Efficiency Press Release, 25 June, 2020 |Bridgetown, Barbados) S takeholders in the energy and transportation sectors were charged not to wait until a comprehensive plan and perfect conditions are available in order to get started on the Regional Electric Vehicle Strategy during an online discussion, which focused on innovation opportunities and the Caribbean reality. The discussion, which was hosted by the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) and the Energy Unit of the CARICOM Secretariat, saw more than two hundred and fifty stakeholders gathered to hear from regional and global experts in the field. Stakeholders also had the opportunity to express their opinions and have their queries addressed. The Need for Regional Coordination During the online event, attendees in majority identified cost as the most important factor when deciding on an electric vehicle (EV) purchase versus an Internal Combustiable Engine (ICE) vehicle. In response, panelist Xavier Gordon shared that 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. He warned, however, that there was a need to produce economies of scale in the region, which could, in turn, further reduce costs for CARICOM Member States and consumers; particularly procurement costs. Mr. Gordon added that both public-private partnerships, particularly in the installation of charging infrastructure, and regulator- utility collaboration for the development of attractive charging prices for consumers, were key innovative approaches to support the adoption of EVs. To stimulate market response in the region, project implementation and demonstration were important, panelists shared. Antonio Sealy of the Barbados Light and Power Company Limited revealed that when the Electric Bus Project commenced in Barbados, they began to receive significant interest from global EV service providers. Innovation Opportunities & Challenges Head of the CARICOM Energy Unit, Dr Devon Gardner, responded to the charge to “get started” by sharing that CARICOM, with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) through the German Corporation for International Cooperation (GIZ) implemented TAPSEC Project, was in the process of having a Regional Electric Vehicle Strategy (REVS) REGIONAL ELECTRIC MOBILITY ACTORS CHARGED TO ‘GET STARTED’ OPENING L INES