Business
CARICOM nations seeking economic advantages in sustainable energy
Wigton wind farm in Manchester, Jamaica. PHOTO/Jamaica Gleaner
With the exception of oil rich Trinidad & Tobago, most, if not all, other Caribbean island-nations are extremely vulnerable when it comes to the high costs of imported fuels that are easily disrupted by natural disasters and other phenomena.
Barbados, for example, spent an amount equal to six percent of its gross domestic product (GDP) on oil imports in 2011. This amount has had a direct negative impact on direct production costs and the overall competitiveness of the Barbadian economy.
The country’s prime minister, Freundel Stuart, however, pointed out that “although many small island developing states are energy deficient in conventional energy, limitless potential for renewable energy and energy efficiency resides in our countries”.
Barbados has been actively promoting sustainable energy practices both on the supply side, mainly using renewable energy sources, and on the demand side, encouraging energy efficiency and energy conservation, in an effort to reduce its dependence on fossil fuels, enhance energy security and stability, improve the economy’s competitiveness and achieve greater environmental sustainability. The country has more than 40,000 solar water heaters that save the country nearly US$ 13 million every year.
The Caribbean Community (CARICOM) observed its second annual CARICOM Energy Week from November 11-17 under the theme of “sustainable energy powering a green economy”. The Energy Week was established in 2011 to provide a platform for increased awareness about energy matters, especially given the critical importance of energy to economic development.
This year, the Community focused on building awareness about energy conservation and efficiency, as well as the development of renewable energy. It also focused on the necessity of a cleaner, greener energy outlook to mitigate the effects of climate change.