The Cuban Energy & Infrastructure Summit
Cuba is the latest country looking to boost clean and renewable energy sources while cutting down on the use of fossil fuels. Their first Energy & Infrastructure Summit in aid of this was held in early September. The event was attended by green energy experts from over 14 various countries in the Americas and in Europe. The United States, having recently restored diplomatic ties with Cuba, also attended the summit to offer support.
Cuba needs to attract significant investment
Participants of the summit discussed new ways of attracting foreign investments in the energy sector. They hope to take advantage of the new business opportunities conceded by Cuba’s Foreign Investment Law which was passed in 2014.
The summit was supported by many in the Cuban energy industry. London-based IJ Global, as well as a project finance and infrastructure journal called New Energy Events, and the infrastructure division of Euromoney Institutional Investor were the main sponsors.
But support was found in other areas with Cuba’s Chamber of Commerce playing their part in the event. The help of the ministries of Foreign Trade and Investment, Tourism, and Agriculture was also enlisted and the Renewable Energy Technologies Study Centre came on board.
The goal: 4% to 24% By 2030
It’s an ambitious goal but one that’s entirely necessary. The island nation produces only half of its crude oil needs, importing the rest at a cost. Cuba has depended on oil exports from Venezuela to meet energy needs for decades, but the fall in oil prices has resulted in an economic crisis, urging the island to expand its renewable energy market.
Currently, only 4% of Cuba’s energy is derived from renewable sources. They hope to increase that figure to around 24% by 2030. Wind farms and solar panels currently make up the bulk of the renewable energy infrastructure but the future is certainly one to be found in the ever expanding field of distributed renewable energy sources such as solar powered micro-grids.
Cuba’s decision is a judicious one
Hybrid and distributed renewable systems like this will become indispensable in the near future as more nations look to achieve energy security and combat climate change. As such, expanding renewable energy capabilities and installing clean energy systems is a highly judicious decision by the Cuban government, especially now they have gained US support in the form of increased investment opportunities.
SEC is a company with a long history and extensive experience in distributed and hybrid energy systems so we’re interested to see which methods Cuban officials choose to serve the island. Our engineers have designed and are currently in the process of installing similar solar powered micro-grids in the archipelago of Indonesia.
The goal is to bring power to islands facing the same logistical and geographical challenges as Cuba. The result being stable infrastructures to assist local commerce and increase the quality of life for those living without a steady supply of power.
If you’re interested in remote energy sources or investing in a clean future don’t hesitate to visit our website to become an SEC partner today.