Now that 2017 is upon us, it would have to be yet another missed opportunity if the Government continues to bury its head in the sand and allows the economy to drift further into the gutter of economic depression and desperation.
No amount of excuse or denial can change the fact that Barbados has found itself in a state of economic chaos that only serious thinking and commitment from those in power can turn the tides and restore macroeconomic stability.
Let it be known that no piecemeal approach to solving the economic woes will work or should be attempted.
The depth of the socioeconomic challenges warrants a comprehensive strategy based on specific projects in key sectors and industries that are transformative rather than designed for short-term fixes.
Such a strategy requires, at first, the compilation of important data on several fronts.
One of the most crucial elements of this wide-ranging economic development strategy, based on current realities, must be the issue of energy security. Energy security must be considered against the possibility of war breaking out anywhere on this planet and potential implications such as the disruption of oil or gas supplies, or the soaring of oil prices on the global market, for whatever reason.
Clearly, internally produced energy insulates Barbados from any and all external, global vicissitudes. Also, any serious push to get the energy sector off the ground will bring direct benefits to the economy and individual households.
To create the conditions for energy security, the authorities would have to compile data on several issues including a summary of all relevant information from studies already done on the energy sector as well as evidence on geothermal, wind, solar, hydro, biomass and any other sources of energy that can be useful alternatives to fossil fuel.
Specifically, data has to be compiled on the quantum (megawatts) of electricity estimated in the expert studies to be obtainable from each of the above possible sources; timeframes for activation of each source, from start of development to electricity generation; estimated cost of financing of each from start to electricity generation; possible financing sources that can be readily identified; appraised net savings in foreign exchange from abandonment of oil or natural gas as source(s) of electricity generation; possible quantum of finance (aid) provided by countries and/or international organisations for the contribution to the “going green” cause; job creation estimate from installation phase (for each type of alternative energy source developed) and from permanent operational phase.
Also, projected reduced cost(s) of energy generation to various economic sectors, especially industry, commerce, tourism and households; estimated increase in real household income of reductions in electricity costs; and projected improvement in competitiveness of reductions in energy costs to the manufacturing, hotels (cost to potential travellers: price attractiveness of the destination), transport and agricultural industries, among other potential positives.
The data requirements for energy security alone should provide enough evidence to convince all of the task ahead if Barbados is serious about tackling its economic challenges in a comprehensive manner. Is the Government up to the task?
Are we, the people, ready to undertake this assignment?
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