Eastern Caribbean Central Bank joins regional alliance to cut fossil fuel reliance and energy costs

The Eastern Caribbean Central Bank has joined a new alliance led by Octopus Energy to explore ways to reduce the region’s dependence on imported fossil fuels and lower energy bills. Announced at the Commonwealth Heads of Government Meeting in Antigua and Barbuda, the Eastern Caribbean Alliance also brings together the Organisation of Eastern Caribbean States, Global Citizen and the Sustainable Markets Initiative. The partners aim to mobilize investment and pool expertise to explore cheaper clean energy systems for households, industry and transport. The approach combines renewable energy, electric vehicles and battery storage with technology to manage their use flexibly. Regional cooperation is intended to unlock economies of scale and reduce costs. Around 90% of Caribbean electricity generation comes from imported oil and diesel, exposing the islands to global price shocks and contributing to high energy prices. The alliance builds on Octopus Energy’s existing partnership with the Government of Antigua and Barbuda to explore cheaper, cleaner and more secure energy.