Thursday, May 17, 2007

Press Release: Energy Security for Small Island Developing States

George Town, Grand Cayman May 17 2007

The Cayman Institute is in the process of finalizing its report on Energy Security for Small Island Developing States (SIDS) The report, which addresses climate change / global warming, peak oil and the instability of oil producing regions makes the case of the need for a long term energy security plan to ensure supplies of secure, affordable, reliable energy. Abundant and affordable energy is essential for for economic and social development.

The energy systems in many SIDS are ineficient and expensive, and add to national economic vulnerability. Electricity prices are generally between 20 and 35 cents (US) per kilowatt-hour, which is much higher than prices in the USA or Europe(1).
The report stresses the need to promote economic growth while being environmentally as essential. It notes that responding to the potentially devestating effects of climate change in an environmentally responsible manner by tackling carbon emmissions contributed through energy production is an obligation shared globally.

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(1) Report by: United Nations Economic Commission for Europe, 2006