KINGSTON, Jamaica, CMC – The Private Sector Organization of Jamaica (PSOJ) is urging decisive, immediate action to shield consumers and businesses from the impact of a looming energy crisis stemming from the Middle East war.
In a statement on Thursday, the PSOJ highlighted rising global oil prices amid renewed geopolitical tensions and supply disruptions.
The organization noted that the world has been in this position before: in the 1970s and 1980s, when geopolitical tensions in the Middle East choked global oil supplies and sent prices spiraling.
It said recent disruptions in the Strait of Hormuz and related export restrictions have pushed oil prices near US$100 per barrel.
The PSOJ also noted that the International Monetary Fund (IMF) has warned that the Middle East war could slow global growth and push inflation up in the near term.
It said Jamaica remains highly dependent on imported fossil fuels, leaving the country exposed to price spikes and supply risk.
The PSOJ therefore suggested that Jamaica take several measures to buffer itself from what it dubbed the energy tsunami, which is on the horizon.
Among the suggestions are the immediate publication of the 2024–2050 energy policy, faster net-billing reforms to shield Jamaica from energy shocks, the temporary reduction or elimination of import duties on all electric vehicles for up to two years, as well as partnering with the private sector on a public education campaign to speed EV adoption.
The PSOJ said that with the suggested participatory policy approach, a rapid shift to more national energy sources, an enabling environment for investment, and improved government efficiency in implementation, the goals of 50% renewables by 2030, lower electricity prices, and energy security are achievable.
The PSOJ noted that to allow this moment to pass without decisive action would be a missed national opportunity.
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