The structure of the energy industry in CARIFORUM nations has come under growing pressure from internal and international economic, technological, and institutional transformation factors over the past ten years. Given this, energy imports typically account for a significant portion of total imports, the combination of volatile international energy prices, pressure on foreign exchange reserves, and high public debt has raised serious concerns about national energy security in CARIFORUM countries. According to World Bank data over the period 2015-2020, the average price of electricity in CARIFORUM was USD 0.27/kWh compared to the OECD average of USD 0.15/kWh and the global average of USD 0.17/kWh.

It is against this background that the Caribbean Export Development Agency ( Caribbean Export) in collaboration with Republic Bank Guyana and the Guyana Office for Investment hosted the ISO 50001 Energy Management Workshop over the period August 22-25, 2023, at the Pegasus Guyana Hotel. The objective of this activity was to build the capacity of beneficiaries to meet this international standard. The rationale is that the integration of ISO 50001 into the strategic management capabilities of beneficiaries could enhance their competitiveness through energy efficiency, combined with increased credibility in international markets which is increasingly driven by environmental, social and governance (ESG) concerns.

During the opening session of the workshop Dr Peter Ramsaroop, Chief Executive Officer of the Guyana Office for Investment and member of the Board of Directors at Caribbean Export, highlighted the timeliness of the workshop and the need for the MSMEs to balance revenue generation while minimising energy costs, leveraging the materials discussed during the workshop. Mr. Venus Frith, General Manager- Credit Republic Bank Limited (Guyana) spoke about the Caribbean Export- Republic Financial Holdings Limited partnership which was formalised in 2022 and the bank’s commitment to building the capacity of the region’s private sector, in this instance Guyana, through the delivery of targeted interventions on key areas such as this. Moreover, Dr Damie Sinanan, Manager- Competitiveness and Export Promotion at Caribbean Export reiterated the Agency’s mandate to promote private sector capacity building and the growth of exports from CARIFORUM. He continued, the Agency views enhanced energy efficiency and the transition to renewable energy industry as critical to private sector development.

The workshop was facilitated by Mr. Kit Oung, Energy Expert from the British Standards Institution and covered thematic areas such as energy management, identifying energy targets, conformity assessment and the importance of aligning energy management systems with the firm’s strategic direction.

In attendance were 20 representatives of firms from sectors including agroprocessing, construction, health and wellness and Information Communications Technology. Representatives were fully engaged and participated in robust discussions on the topic.

Caribbean Export acknowledges the support provided by the local partners and business support organizations such as Republic Bank Limited (Guyana) and the Guyana Office for Investment in partnering with us to host this event. The Agency also wishes to thank the Guyana Oil and Gas Energy Chamber (GOGEC), Private Sector Commission (PSC), Guyana Manufacturing and Services Association (GMSA), and Georgetown Chambers of Commerce and Industry (GGCI) for mobilizing their networks to attend this workshop.