Cayman's Delegation at Creating Climate Wealth Summit

Hon Marco Archer and Hon Wayne Panton

The Hon Marco Archer, MLA, Minister of Finance & Economic Development and the Hon. Wayne Panton, MLA, Minister of Financial Services, Commerce and Environment at the Carbon War Room's Creating Climate Wealth Summit on Moskito Island, BVI.

The Carbon War Room's Mission states 'Islands face increasing challenges from their dependence on imported fossil fuels, which impacts the prices they pay for everything from electricity to food. This is further complicated by the added demand that tourism places on the island’s resources. Natural energy resources are abundant on islands. However, the systems required to use them have not been widely implemented and scaled.

This lack of implementation is the result of multi-market barriers that islands and technology providers encounter. These multi-market barriers include local permitting, long-term fossil fuel contracts, and other legislative barriers. What is missing is a scaled regional approach to these barriers.

Sir Richard Branson addressing the plenary session

We seek to bridge this gap by working with islands to identify these barriers and create a regional roadmap for making the necessary changes. This roadmap would detail solutions that can attract both private sector investment and aggregated demand for large-scale renewable energy systems. Learn more about our island selection criteria in the background section.

Our finish line has islands rich with renewable energy systems–and with a strong commitment to fast track becoming completely fossil-fuel-free'.