NICE, France — The UN Ocean Conference (UNOC3) held this month in Nice, France, was the stage for an important advancement for marine renewable energy in Barbados. In the margins of the event, the Barbados Investment & Development Corporation (BIDC), through its Bloom Clean Technology and Climate Tech Center of Excellence, signed a Memorandum of Understanding (MoU) with Global OTEC, a climate technology company specialised in Ocean Thermal Energy Conversion (OTEC). This partnership supports the industrial development targets with regards to sustainable clean energy production for energy security at the Corporation’s Industrial Estates and “energy” as an export commodity.
The landmark collaboration reaffirms BIDC’s commitment to innovative around clean technology solutions from the Blue Economy of Barbados. Barbados has set ambitious goals to achieve diversification of its energy mix and a reduction on the reliance on heavy fuels imported into the island for energy production. Through collaborations such as this, it is without doubt that the island’s target of becoming a carbon-neutral state by 2030 will become a reality and OTEC can play a vital role in this plan not only in Barbados but also neighbouring Caribbean territories.
Through the MoU, both parties will collaborate on technical assessments, stakeholder engagement, and the evaluation of suitable locations for the technology implementation. OTEC can change the island’s industrial development and clean technology landscape, bringing sustainable climate smart baseload power 24/7 to Small Island Developing States (SIDS), being a viable solution to the current diesel generators that provide electricity to over 282,000 Barbadians. Using the temperature difference between warm surface water and cold deep water to provide continuous electricity, OTEC is well suited for the country given the shelf on its eastern coast.
“Small Island Developing States need to innovate in their industrial development thinking and their approach with regards to their energy security and sovereignty, manufacturing and processing, technical capacity development, scientific knowledge acquisition and technology transfer for future focused careers and sustainable economic growth.
“The volatility of global energy markets due to geo-political conflict and logistical challenges leave the economies of SIDS vulnerable, equally when we consider climate change, it’s clear that the business as usual will no longer be adequate for industrial and sustainable development in the global South, especially in the context of the blue economy. Greening our industrial estates through innovative technology will remain a key strategic objective at the Corporation, especially if the technology under consideration can positively impact of manufacturing and commodity export portfolio”, states BIDC chief executive officer Mark Hill.
The MoU follows a growing interest in ocean-based climate solutions among SIDS, which face increasing pressure to enhance energy security and reduce carbon emissions. Global OTEC’s modular approach to the technology is designed to integrate with island grids, offering a sustainable alternative to diesel generation and can provide energy redundancy to the grid after severe weather impacts from tropical storms. BIDC’s green hydrogen targets can also be assisted by Global OTEC’s technological solution.
Global OTEC is also leading the EU-funded project PLOTEC, which built and will test a floating storm-resistant structure for OTEC in weather-prone regions, such as the Caribbean. The advancements in design and materials will make ocean energy more resilient to tropical storms and severe climate conditions, leaving countries like Barbados less vulnerable to electricity outages, particularly when needed the most.
Barbados has previously expressed interest in OTEC, as last year Global OTEC presented its projects in a roundtable at the Export Barbados (BIDC) headquarters. “Barbados continues to lead by example in the global blue economy. This MoU builds on our longstanding engagement with the country and signals our commitment to making Barbados the launchpad for a Caribbean cluster of ocean thermal projects. We can unlock clean, reliable power from the ocean, and Barbados is showing the region how it can be a lighthouse for the region,” emphasises Global OTEC founder and CEO Dan Grech.
OTEC: A great fit for the Caribbean
The Caribbean is facing an energy crisis, commonly referred to as a “fuel trap”. To escape this trap, the region needs renewable energy technologies that take into account its unique characteristics, such as limited land space and vulnerability to tropical storms. In addition, there is an urgent need to reduce electricity prices, which are currently around USD 0.25 per kWh on average, more than double the average price in the United States. In some Caribbean countries, the prices can go up to over USD 0.40 per kWh.
As these countries rely heavily on fossil fuels, with more than 90 percent of their electricity supply coming from this source, the consequent high and fluctuating costs affect competitiveness, and productivity and perpetuate poverty. OTEC can help the Caribbean overcome its energy challenges, harnessing the power of the ocean, the islands’ main natural resource, to deliver clean and reliable power while reducing diesel costs by up to 50 percent.
Global OTEC is a UK-based company set up to accelerate the commercialization of a floating OTEC technology to develop zero-carbon, baseload, clean energy sources that achieve maximum impact in empowering SIDS, Least Developing Countries (LDCs) and Coastal Nations with energy security whilst helping the Earth reduce greenhouse gas emissions and eventually eliminate total dependence on fossil fuel.
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