The Alliance was announced at the Commonwealth Heads of Government Meeting in Antigua and Barbuda. It unites Octopus with the Organisation of Eastern Caribbean States (OECS), dedicated to the sustainable development of the region through greater integration, Global Citizen, the Sustainable Market Initiative and the Eastern Caribbean Central Bank.
By banding together, the partners are taking a whole-system approach to explore low-cost clean energy systems for homes, industry and transport, mobilise investment and pool expertise. They aim to unlock economies of scale to harness abundant renewable energy, electric vehicles and battery storage, and manage this all flexibly with technology to cut bills.
This comes as small island nations face the frontline impacts of climate change. In addition, around 90 percent of electricity generation in the Caribbean comes from imported oil and diesel, leaving the islands vulnerable to global price shocks and with some of the world’s highest energy prices.
By cutting dependence on expensive fossil fuels, governments can save money which can ultimately be invested across their economies.
The move builds on Octopus’ partnership with the Government of Antigua and Barbuda to explore ways of making energy cheaper, cleaner and more secure for the nation.
“Small island nations face acute challenges from fossil fuel dependence and climate shocks, yet have abundant renewable energy resources” said Zoisa North-Bond, CEO of Octopus Energy Generation. “Building on our landmark Antigua and Barbuda deal and their leadership, we’re partnering across the Eastern Caribbean to scale cheap clean energy and electric transport. Together, we can break the price hike cycle, boost energy security and lower bills for communities.”
For additional information:
