By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The US is ready and willing to work with the Government to achieve its renewable energy goals, a senior official arguing that “‘now is the time” to make progress with oil prices so low.

Amos Hochstein, who serves as the special envoy and co-ordinator for international energy affairs, and leads the Bureau of Energy Resources (ENR) at the US Department of State told Tribune Business: “I believe that this is the moment, this is the time. 

“The Bahamas has already stated that it will increase its push to renewables. We want to work with the Government to bring that goal to fruition. We will work, and do whatever the Bahamas is interested in as far creating the technical capacities and expertise, as well as working towards an open, fair and transparent process to help the Bahamas identify the companies that would be interested in coming in and making those investments.”

The Bahamas’ National Energy Policy sets the goal of generating 30 per cent of this nation’s total energy mix from renewable sources by 2030. Much remains to be done to bring that to reality.

Mr Hochstein, who oversees US foreign policy engagement in the areas of energy and national security, said the upcoming second annual Caribbean Energy Security Summit in Washington next month would seek to build on the success of last year’s event, which helped to create several renewable energy sector deals. 

“We saw a number of deals come out of the last summit that we had in Washington in January of 2015, and I think that could happen for the Bahamas as well,” said Mr Hochstein.

“Vice-president Biden launched the Caribbean Energy Security initiative a couple of years ago. When you look at the Caribbean, you have a series of island states that have a very high cost of electricity. 

“This is a region that needs an enormous amount of power in order to succeed and prosper, and most of that electricity is being achieved through fuel that is imported,” he continued.

“In the Bahamas there is sun all year-round, wind in many places, geothermal in some areas, natural gas in others, and so it is important to make a shift while we have an opportunity now with low oil prices; to take advantage and make that switch to renewable energy, so that it could provide more security of supply and allow for more investment.”

Mr Hochstein said the US is not only seeking to facilitate American companies investing in the Caribbean, but other multinationals as well.

“We have worked very closely with some of the islands already in order to create proofs of concepts and pilot projects that show that this is going to work,” he added. “We want to keep the corruption out of the process and have an open, fair and transparent electricity sector. 

“The US is going to work with any island that wants to. Any island that generates the kind of political will to make progress, we will be there to walk with them hand in hand to make that progress achievable.”