CORAL SPRING, Trelawny – With spiralling oil prices as a result of the war in the Middle East, the Cayman Islands’ Minister of Finance and Economic Development, Rolston Anglin, is urging Caribbean nations to move away from costly, imported fossil fuel and toward renewable energy sources such as solar and wind.

Anglin, who is also Minister of Education and Training, was speaking during Tuesday’s opening ceremony of the Organization of Caribbean Utility Regulators (OOCUR) 2026 Conference, now under way at Ocean Coral Spring Resort in Trelawny.

“The opportunity in this sector is truly extraordinary. We have imported fuel for generations, and every time global commodity prices fluctuate, our people feel it in their pockets,” Anglin said.

“This dependence is a vulnerability we have accepted as permanent. It is not,” he added.

He made the point that the Caribbean is rich in renewable resources including sunlight, wind, and geothermal energy, which remain largely untapped at scale.

“The energy transition is not simply an environmental imperative – it is an economic and national security one. The raw materials for transformation are here. What is required now is the regulatory architecture to unlock investment, protect consumers, ensure grid stability, and attract the partnerships needed to move from ambition to reality,” Anglin said.

“That is a leverage regulators hold, and it is consequential,” he added.

During his address, Minister without Portfolio in the Office of the Prime Minister with responsibility for Science, Technology and Special Projects, Andrew Wheatley, outlined some of the measures Jamaica has been taking to tap into alternative energy sources.

“We have reduced import taxes on electric vehicles to encourage adoption of electric mobility. We are advancing renewable energy generation, with solar photovoltaic (PV) systems, supported by battery storage, emerging as one of the most effective pathways forward,” said Wheatley, who was speaking on behalf of Prime Minister Dr Andrew Holness.

“We have seen Jamaicans investing more in solar PV systems – not only for financial reasons, but also due to increased awareness of climate change,” Wheatley added.

He agreed with Anglin’s assessment that many Caribbean nations remain heavily dependent on imported fossil fuel, resulting in some of the highest electricity costs globally, placing significant pressure on households and businesses. Wheatley repeated the often-made point that although the region contributes minimally to global carbon emissions, it is disproportionately affected by climate change, particularly through the increasing intensity of hurricanes.

The conference, which runs from April 27 to May 1, is being held under the theme “Navigating Caribbean Regulatory Challenges: Opportunities, Innovations and Collaborations.”

In line with the theme, Anglin emphasised that collaboration is key to achieving regional energy goals.

“I am calling on my colleagues in government across every jurisdiction represented here to deepen engagement with regulatory bodies, to listen to their insights, and to provide them with the tools, mandate, and political support needed to do their work,” he said.

He added that organisations like OOCUR provide a valuable platform for cross-border knowledge sharing, which policymakers should actively utilise.

Anglin further noted that many governments across the region, including in the Cayman Islands, have yet to fully recognise the economic value of well-resourced, technically competent, and independent regulators. He is of the view that underestimating or underfunding these institutions limits broader national development and weakens the region’s ability to fully capitalise on its renewable energy potential.