A new Eastern Caribbean Alliance has launched to help slash the region’s fossil fuels reliance, turbocharge the region’s clean energy transition and cut energy bills, spearheaded by Octopus Energy.
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% 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.
This latest 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.
Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Small island nations face acute challenges from fossil fuel dependence and climate shocks, yet have abundant renewable energy resources.
“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.”
Dr. Didacus Jules, Director General of the OECS, said: “For the OECS, this partnership represents an important opportunity to accelerate a clean energy transition that is affordable, resilient, and responsive to the needs of our people. The people of our Member States cannot continue to bear the economic burden of high energy costs and dependence on imported fossil fuels.
“By bringing together regional institutions, development partners and global expertise, we can unlock investment, leverage our collective scale, and translate our renewable energy potential into tangible benefits for households, businesses and our economies. The OECS is pleased to be part of this Alliance and will ensure that its work is firmly anchored in our regional priorities and the aspirations of our Member States.”
Timothy N.J. Antoine, Governor of the Eastern Caribbean Central Bank, said: “Energy security is economic security. Done well, it can ease energy costs for families and businesses and make our economies more competitive. The ECCB welcomes this Alliance as the kind of collaboration the Big Push demands, because no country or institution can do this alone. Now, from discussion to delivery for our people.”
Michael Sheldrick, Co-Founder and Chief Policy, Impact and Government Relations Officer at Global Citizen, said: “As global energy demand continues to grow, Global Citizen believes that access to reliable, affordable and clean energy must be universal. Achieving this requires bringing together the private sector, governments and philanthropy, alongside the full range of financing mechanisms – including equity, debt and blended finance to mobilize the capital, expertise and partnerships needed to accelerate the energy transition.
“We are excited by the significant potential in Antigua and Barbuda and across the wider Eastern Caribbean, and look forward to working with partners such as Octopus Energy to help translate that potential into investment, infrastructure and lasting impact for communities.”
Jennifer Jordan-Saifi, CEO of the Sustainable Markets Initiative, said: “Through the Sustainable Markets Initiative, we have helped convene a coalition of leaders from across the public and private sectors united by a shared ambition to accelerate the Eastern Caribbean’s clean energy transition. This Alliance demonstrates the power of partnership to mobilise investment, strengthen energy security and support long-term sustainable growth across the region.”
