CREF 2025: A Multi-Faceted Approach to Financing the Hydrogen Industry in the Caribbean
In May 2025, CEC CEO, Eugene Tiah attended this conference and participated on a panel on “A Multi-Faceted Approach to Financing the Hydrogen Industry in the Caribbean” moderated by Rachel Welch-Phillips with panelists:
- Marcelo dos Santos, CAF, Senior Executive Productive Sectors Coordinator for Northern LAC + Brazil at the Vice Presidency of the Private Sector
- Dolf Giele, the World Bank, Hydrogen Lead and Senior Energy Economist
- Christiaan Gischler, Inter-American Development Bank, Lead Energy Specialist
- Eugene Tiah, CEO, Caribbean Energy Chamber
As the Caribbean accelerates its transition to a low-carbon energy future, hydrogen is emerging as a potential game-changer—particularly for sectors that are hard to decarbonize and economies that seek to diversify. While still in the early stages, interest in hydrogen is growing across the region, driven by global momentum, national energy strategies, and the potential to leverage renewable resources for green hydrogen production.
However, the sector remains largely pre-commercial, with few pilot projects underway and significant financing, policy, and infrastructure gaps to overcome. The panel explored what it will take to move from vision to viable industry, with a focus on financing, regional integration, and market-building strategies tailored to the Caribbean context.
CEC highlighted the very high capex and the challenging economics for producing H2 if the renewables electricity cost was not below 2 USc/KWh. Therefore the focus should be on wind (if feasible) but in the short and medium term to meet electrical power needs of the islands versus green hydrogen.
POLL QUESTIONS:
Which of the following do you believe is the most significant driver of the economic viability of hydrogen production in the region:
- Access to ample low-cost renewable energy power below 4ct/kWh
- Electrolyzer cost and efficiency
- Scale of production/economies of scale
- Utilisation rates and capacity
- Strength and certainty of offtaker demand and agreements
- Transportation and Storage
What do you think is the biggest challenge to securing financing for hydrogen projects in the Caribbean?
- High upfront capital costs
- Lack of proven, large-scale hydrogen projects in the region
- Uncertainty around long-term demand and offtake agreements
- Regulatory and permitting hurdles
- Insufficient government incentives or policy support
- Technology risks and performance uncertainty
Eugene also hosted a Round Table of the “Potential role of Small Modular Nuclear Reactors (SMRs)” in the Caribbean. For the presentation used, please use this link.
