Against the Odds, Caribbean Doubles Down for 1.5 Degree Deal in Paris

Negotiators from the 15-member Caribbean Community (CARICOM) are intent on striking a deal to keep the global temperature rise at 1.5 degrees of pre-industrial levels, but many fear that a 10-year-old agreement to buy cheap petroleum from Venezuela puts their discussions in jeopardy. Across the region, countries are rolling out their “1.5 to Stay Alive” Campaign to raise awareness about the effects of climate change, while building momentum for the region’s negotiating position ahead of the 21st Conference of the Parties (COP21) of the United Nations Conference on Climate Change (UNCCC) in France in December.

Some say the petroleum agreement could cause friction between member nations because of new incentives including assistance with healthcare and agriculture through a Caribbean Economic Development Zone. President of the Venezuelan Republic Nicolas Maduro pledged to maintain the PetroCaribe deal, a legacy of his late predecessor Hugo Chavez alive, while celebrating its 10th anniversary in Jamaica on September 9.

PetroCaribe is an alliance between 12 member states of CARICOM and Venezuela for the purchase of oil at market prices with between 5 and 50 per cent up-front payment. There is a grace period of one to two years for paying the balance or through financing over 17 to 25 years at 1 per cent interest if prices are above 40 dollars per barrel. Media reports say Maduro is negotiating with non-members of OPEC to keep oil prices stable in support of the pact.

Source: http://www.ipsnews.net/2015/11/against-the-odds-caribbean-doubles-down-for-1-5-degree-deal-in-paris/