KINGSTON: US President Barack Obama met Caribbean leaders on Thursday, offering a clean energy alternative to nations squeezed by more expensive Venezuelan crude.

“This region has some of the highest energy costs in the world,” Obama said, stating that the United States could help reduce the burden.

“If we can lower those costs through the development of clean energy and increased energy efficiency, we could unleash, I think, a whole host of additional investment and growth”.

Obama’s administration announced $20 million worth of financing to further clean energy projects in the region as well as the establishment of an energy security task force.

The White House is keen to offer an alternative to cheap Venezuelan oil, which has enticed many of the region’s struggling economies, but looks set to end.

An initiative by Caracas’ state-owned PDVSA — Petroleos de Venezuela — offered Caribbean and some Central American nations the opportunity to defer payment for oil under low interest rates.

But as Venezuela’s own economy has faltered, Caribbean states have faced stricter terms and shorter supplies, leaving them vulnerable.

Obama also held talks with Jamaican Prime Minister Portia Simpson Miller.

“I just wanted to say you’re well-loved in Jamaica,” she said offering a warm welcome. “I love you”. It is the first presidential visit to the island since Ronald Reagan 33 years ago and comes as the island nation is navigating a fiscal crisis.

Published in Dawn, April 10th, 2015

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