Caribbean leaders are seeking billions of dollars in investment — dubbed 5 by 35 — to transform the region’s energy and agriculture industries over the next decade, arguing that coordinated action is critical to strengthening resilience, reducing food imports and lowering costs for citizens.
Executive director of the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE), Dr Mohammad Nagdee, unveiled the “5 by 35” vision at the Climate Smart Summit, which began Wednesday at the Hilton Barbados Resort.
“The number is US$5bn by 2035,” he said. “And this is really achievable.”
The target would support the Caribbean’s transition to renewable energy and resilience, noting that regional needs exceed that amount.
“The literature shows us that if you were to meet the requirements of the CARICOM states, we’re looking at in excess of US$12-15bn if we look at renewable energy, sustainable energy.”
He argued that Caribbean countries must move away from fragmented approaches and translate years of planning into action.
“I think we generally say that the Caribbean has the most amount of reports across the world, but we need to be able to translate it into finance and impact.”
Nagdee said CCREEE had already mobilised “US$15m in projects” during the first half of 2026 and was in active discussions involving “US$350m, either directly or indirectly, with partners across the region”.
Among the initiatives under consideration are offshore wind pilots, green shipping infrastructure and utility-scale resilience projects.
“If we continue with a fragmented approach to how we do things, we’re not going to be able to achieve,” he warned.
He also stressed that concessional financing would be essential over the next few years.
“In the next two years, we continue to leverage the generosity of our development partners and our Global North to be able to come in and help us to de-risk the investment and de-risk the country so that we can then have a much larger uptake of the investments that we want to see.”
At the summit, Minister of Agriculture Dr Shantal Munro-Knight pitched a $272m million package of projects designed to strengthen Barbados’ food security and modernise the sector.
“5 by 35” vision at the Climate Smart Summit. (Photo Credit: Lauryn Escamilla/Barbados TODAY)
“Lots of numbers, but I’ll give you one number: US$136m [$272m],” she said.
The minister said the investment covered five priority projects aimed at scaling production and attracting private capital.
“We’re sure that these projects will deliver a return for investors as well, but also as well will make a transformative impact within the agriculture sector.”
The package includes $110m to overhaul the island’s sugar industry into what she described as “a complete circular system” that would utilise all outputs from sugar production, including renewable energy generation.
Another $110m would support an export pack house and food terminal hub designed to provide certainty for farmers and distributors.
“It provides certainty for them, certainty for distributors, and also consistency for the market.”
The investment programme also includes a $24m state-of-the-art abattoir and $8m for Barbados Sea Island cotton.
Reducing Barbados’ food import bill remained a priority, Dr Munro-Knight said.
“Annually, we import 8.6 million kilos of agricultural produce… which equates to about US$325m [$650m] in produce.”
“We’ve identified that 16 of those products that we import now, we can produce here locally at scale and cheaper.”
The government was increasing its own spending to encourage private investment, including a new tissue culture laboratory, veterinary and testing facilities, household food production initiatives and digital tools for farmers, she said.
“We are intended to lead. We want the private sector. We want the investment that helps us, but we are intended to make sure for food security that we step out first.
“By doing that, we are demonstrating commitment, but we’re also saying to the capital, come along with us because we are also putting our money where our mouth is.”
(LE)
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