"Energy security is a major challenge for the Caribbean. The region is largely dependent on relatively high-cost imported fuel and electricity. Small isolated economies and unattractive investment policies discourage investment necessary to build sustainable energy systems. The high cost of energy diverts resources away from economic development, reduces competitiveness, and renders the energy sectors of Caribbean nations vulnerable to supply shocks. However, the region has access to an abundance of renewable and other energy resources. A concerted effort to provide assistance to Caribbean islands on difficult policy and regulatory reforms can attract the private finance required to implement new energy technologies and approaches. Today, the Vice President announced a new initiative to support the Caribbean on energy. Recognizing that there is no 'one-size-fits-all' solution for Caribbean nations and that individual islands may choose to pursue different pathways towards achieving energy security, the Caribbean Energy Security Initiative we are launching today consists of a portfolio of activities designed to provide different options for assisting in the transformation of the Caribbean's electricity sector."
White House Office of the Press Secretary: http://www.whitehouse.gov/the-press-office/