BRIDGETOWN, Barbados, CMC – The Barbados government spent an estimated BDS$1.2 billion (One Barbados dollar = 0.50 cents) in 2022 on the importation of petroleum products as a result of the Ukraine war, a senior government minister has said here.
Senior Minister Coordinating the Productive Sector and Minister of Energy, Business Development and Commerce, Kerrie Symmonds, said this virtually doubled the price of importing petroleum products, and that such numbers can drive a small economy, like Barbados’, completely into a spiral, and cause tremendous havoc.
“Barbados has shielded the consumers of this country from what the real throughput of the cost would be. Because, were it not for the government absorbing a percentage, consumers in Barbados would be paying BDS$4.55 per liter, rather than BDS$4.01 per liter.
“And there’s obviously a limited period of time during which a government can continue to absorb those types of shocks,” Symmonds told the opening of the four-day Caribbean Electric Utility Services Corporation (CARILEC) Leadership Conference.
“So, it brings us to the point that clearly needs to be made. We have to diversify away from fossil fuels, end the reliance we have built, and obviously protect our environment. And those are the reasons why we have cast our die in the way in which we have,” he said.
Symmonds told the ceremony that it was necessary to move from seeing sustainability as just a line item to making it an operational imperative, the centerpiece of everything done.
“It is against that backdrop, ladies and gentlemen, that the government of Barbados, therefore, commends CARILEC, and welcomes its ongoing partnership with the Caribbean Disaster Management Agency (CDEMA), in the recognition that disaster management and energy resilience are not separate silos, but are mutually reinforcing endeavors that must and should be planned together,” he added.
Managing director of the Barbados Light and Power Co. Ltd., Roger Blackman, spoke about the relevance of the conference’s theme, “Leading With Purpose: Innovating for a Resilient and Sustainable Future.”
“Across the region, utility leaders are being asked to do several difficult things at once – transform our energy systems while maintaining reliability, accelerate renewable energy while preserving grid stability, and manage affordability while investing in unprecedented evidence.
“And we’re expected to do all [of] this while navigating climate risks, geopolitical instability, rapid technology change, and rising customer expectations,” Blackman said.
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