Curaçao has a modern National Energy Policy, which sets the objectives and priorities for the development of an effective and sustainable energy system. The policy is aimed at making Curaçao’s energy sector more efficient, more transparent for stakeholders and less dependent on petroleum imports. Currently, Curaçao is still dependent on imported petroleum, but the first important steps have been taken with regard to the transition to more renewable energy sources such as wind, solar and ocean energy sources plus energy efficiency. Curaçao’s experience with the already installed share of renewable energy sources (+/- 30%) for electricity production shows that the introduction of sustainable sources has a stabilizing and lowering effect on the production costs for electricity, due to the decreasing dependence on international fuel oil prices. This indirectly supports improving the affordability of electricity and strengthening the international competitive position of Curaçao. The goal is to achieve 50% renewable energy penetration by 2030.
Proactive steps are also being taken to modernize the electricity distribution structure, optimize mobility by promoting EVs and replace the use of crude oil-based products with natural gas as a more environmentally friendly fuel, to facilitate the transition to a fully sustainable community. These investments in sustainable energy are not only for a better environment, but also support the resilience of our business climate. Small islands generally have relatively high electricity costs, the investment in renewable energy contributes to our competitiveness by lowering the cost of doing business.
The Ministry of Economic Development of Curacao gives direction to sustainable economic development in order to realize a higher level of prosperity for the society of Curaçao and stimulates a strong competitive position and high quality production. This is achieved by providing optimal service, strengthening the economic structure and effectively responding to social and international developments.
The Ministry is responsible for policy, implementation and control on the following areas:
- Business, consisting of (micro) SME policy, economic development, capital market, competition policy, infrastructure, knowledge, economic and Agricultural fisheries production and business establishment policy.
- Economic Development and Innovation, consisting of market forces, innovation, energy, industry development, employment and macro-economic stability.
- Foreign Economic Cooperation, consisting of trade policy, international business and foreign investment.