Chairman of the Eastern Caribbean Central Bank (ECCB) Monetary Council, Dr. Irving McIntyre, has highlighted Dominica’s geothermal energy project as a model for the region, calling on Eastern Caribbean countries to accelerate the transition to renewable energy in order to strengthen economic resilience and reduce dependence on imported fossil fuels.
Speaking during the 113th Meeting of the ECCB Monetary Council, McIntyre said energy security has become one of the region’s most pressing economic priorities, noting that imported petroleum products continue to account for nearly 90 percent of the Eastern Caribbean’s energy mix.
“Energy security is equally critical for economic resilience,” McIntyre said. “Imported fossil fuels continue to account for almost 90 percent of our region’s energy mix, exposing our economies to volatile international oil prices and increasing the cost of doing business and the cost of living.“
He argued that reducing reliance on imported fuel would not only improve energy security but also shield Caribbean economies from fluctuations in global oil markets while supporting environmental sustainability.
“Accelerating our transition to renewable energy is therefore both an economic and environmental necessity,” he stated.
McIntyre pointed to Dominica’s recently commissioned 10-megawatt geothermal power plant in the Roseau Valley as evidence of the country’s commitment to clean energy development. Valued at US$68.3 million, the facility makes Dominica the first country in the Eastern Caribbean to integrate geothermal energy into its national electricity grid.
He described the project as an important milestone, demonstrating how renewable energy investments can contribute to long-term economic resilience while reducing dependence on imported fuel.
The Finance Minister also linked energy security to the broader objectives of the Eastern Caribbean Currency Union, emphasizing that resilient economies require reliable, affordable and sustainable sources of energy.
His remarks formed part of a wider address outlining priorities for his tenure as Chairman of the ECCB Monetary Council, which include maintaining monetary and financial stability, strengthening food security, modernizing regulatory frameworks and advancing regional cooperation.
McIntyre said Dominica stands ready to contribute to these regional efforts, arguing that investments in renewable energy, alongside initiatives to expand agricultural production and improve food security, will help build a stronger and more resilient Eastern Caribbean economy in the years ahead.
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