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Administration’s approval for West Indies Power to begin geothermal energy exploration on Nevis. St. Lucia and Dominica have also reported efforts to move forward during the 2006 stakeholder consultation.14 Caribbean Renewable Energy Development Programme (CREDP). CREDP is an initiative of CARICOM country Energy Ministers aiming to “reduce barriers to the increased use of renewable energy thus reducing the dependence on fossil fuels while contributing to the reduction of greenhouse gas emissions.”15 Program preparation began in the 1990s with a regional assessment that identified four main barriers to the development of renewable energy: inadequate policy, lack of awareness, inadequate capacity, and lack of financing in the area of renewable energy.16 In 2004, CREDP secured $22 million in project funding over four years from the Global Environment Facility/United Nations Development Programme and the Deutsche Gesellschaft für Technische Zusammenarbeit. The project has four immediate objectives to achieve its overall aim: 1) support a policy environment that enables renewable energy development; 2) build capacity in the renewable energy field; 3) develop the regional renewable energy information network; and 4) demonstrate innovative financing mechanisms for renewable energy products and projects. The project includes Cuba and all CARICOM members except Haiti, and is executed by the CARICOM Secretariat. Petrocaribe Energy Cooperation Agreement. The Petrocaribe Agreement was signed in 2005 by Cuba, the Dominican Republic, and all CARICOM countries except Trinidad and Tobago, Barbados, Haiti (which signed in 2006), and Montserrat. Building on the San José Agreement and the Caracas Energy Cooperation Agreement, Petrocaribe is an intergovernmental organization that aims to coordinate public policies among member countries in order to improve energy security, minimize energy transaction costs between countries, and develop mechanisms through which energy savings are used for social and economic development. Through Petrocaribe, Venezuela provides fixed quotas of oil to member countries that it helps finance through low interest loans that can be paid in part with goods and services. Although Petróleos de Venezuela Caribe (PV Caribe) – the entity in charge of the logistics of the agreement – has carried out some efforts in recent months, Petrocaribe needs external infrastructure investment in the storage of liquid fuels, port facilities, and strengthening of the distribution systems in the 10PDF Image | Prospects for the Oil-Importing Countries of the Caribbean
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