· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Economist or enjoy below:
🗞️ Driving the news: Caribbean nations, highly dependent on fossil fuels, face energy supply instability as disputes like Venezuela’s $350 million claim against the Dominican Republic highlight the region's vulnerability
• The controversy stems from the now-defunct PetroCaribe scheme, which once provided oil on favorable terms
• Transitioning to renewable energy is proving slow and costly for many island nations
🔭 The context: PetroCaribe, Venezuela's oil-backed assistance program, collapsed in 2019, leaving many Caribbean nations scrambling for alternatives
• Dependence on fossil fuels has left the region exposed to volatile markets and political conflicts
• Renewable energy adoption is hindered by high upfront costs, logistical challenges, and the need for infrastructure upgrades
🌍 Why it matters for the planet: Shifting to renewable energy in the Caribbean is critical for reducing carbon emissions and enhancing energy independence
• However, the slow pace of transition risks prolonged reliance on oil, which exacerbates climate vulnerability for these island nations
⏭️ What's next: Governments in the region are exploring partnerships and international funding to accelerate renewable energy projects
• Scaling up solar, wind, and geothermal energy could transform the Caribbean’s energy landscape but requires sustained investment and regional cooperation
💬 One quote: “We are the ones who have the oil,” warned Venezuela’s interior minister Diosdado Cabello during the dispute, underscoring the region's dependence on external energy suppliers
📈 One stat: Caribbean countries rely on fossil fuels for over 90% of their energy needs, making energy transitions an urgent priority
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