Prime Minister Mia Mottley has urged Caribbean nations to tap into $6 billion in excess cash sitting in regional banks to accelerate the transition to renewable energy, warning that inaction could hinder economic growth.
Speaking at the Sustainable Energy for All Global Forum on Wednesday, Mottley emphasized that while the Caribbean possesses the natural resources to become a clean energy leader, outdated regulations, limited cooperation, and underutilized financial reserves are stalling progress.
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She called on governments and financial institutions to break down barriers and invest in a shared energy future.
“This $6 billion is just sitting there, earning little to no interest,” Mottley stated. “The Caribbean must stop looking outside for all the answers when we have the resources and ability to help ourselves. By pooling our energy capacity, financial power, and political will, we can build an energy market that serves us and the world.”
Mottley stressed that no single Caribbean country can achieve a clean energy transition alone. She pointed to the region’s diverse energy potential—hydropower in Guyana and Suriname, geothermal energy in Dominica and Grenada, and solar and wind power in Barbados, Jamaica, and Belize—but noted that individual markets are too small to attract major investors or secure large-scale deals.
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“If we continue trying to do this separately, we will keep having polite conversations about what might be,” she said. “But if we come together, we can transform our economies, provide clean energy at home, and export to global markets like Europe and Japan.”
Referencing successful financial models in Europe that use guarantees to unlock capital, she urged the Caribbean to adopt a similar approach.
Mottley also warned that bureaucracy and outdated regulatory frameworks are preventing billions in investment. Using Barbados as an example, she noted that legislative hurdles delayed key energy projects by over three years.
“In the last two and a half years, we have had a regulatory stranglehold blocking over half a billion dollars in renewable energy investment,” she lamented. “We cannot afford these kinds of delays anymore.”
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To attract large-scale investment, she advocated for a regional framework that reallocates, shares, or reduces risks while ensuring local savings fuel clean energy projects.
While Barbados is working toward net zero by 2035, Mottley stressed that the entire region must move swiftly. She praised initiatives like the debt-for-climate swap—supported by the Inter-American Development Bank and the European Investment Bank—but said more needs to be done to ensure the Caribbean directly benefits from its own resources.
“The reality is that most of our markets are too small to command attention from major investors. If we do not act now, we will miss the opportunity to shape our own future and will instead be left vulnerable to global forces,” she warned.
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Drawing an analogy to the Caribbean’s cricketing legacy, Mottley urged the region to take decisive action.
“The beauty of cricket is that you learn to play on the wicket as it is, not as you would like it to be,” she said. “Barbados and the Caribbean have produced world-class excellence despite the odds. We cannot afford to cry over what could have been—we must act now.”
Her call to action was met with applause from global leaders, including Sierra Leone’s President Julius Maada Bio, Nigeria’s Finance Minister Adebayo Olawale Edun, Tanzania’s Deputy Prime Minister and Minister for Energy Doto Biteko, COP30 President-Designate Ambassador André Corrêa do Lago, and SEforAll CEO Damilola Ogunbiyi.
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