Renewable Energy “A No-Brainer”

Increased movement toward renewable energy is a “no-brainer”, says Central Bank of Barbados Governor Cleviston Haynes.

Speaking during the Central Bank’s August quarterly review and press conference, Haynes was asked how realistic Barbados’ target of becoming 100 percent fossil free by 2030 was, especially given the setbacks of 2020:

“It is an ambitious target, but we have to set ourselves these targets if we want to be able to progress. The year 2020 is a challenge…but we cannot allow that to deflect us from what the medium-term challenges are that we have to address. One of those medium-term challenges is to be able to reduce the use of fossil fuel in this economy. “

He describes the initiative as something that “is going to help us not just in the short term but over the medium term.”

According to Haynes, the benefits of transitioning to a fossil fuel free economy are numerous. In the first instance, minimising the demand for fossil fuel will save foreign exchange, a step necessary to achieving economic stability.

Additionally, the rapid decline in economic activity due to the disruption of tourism and the trickle-down effects on tourism reliant sectors during the COVID-19 pandemic reaffirms the need for diversification, something Haynes says focusing on renewable energy can provide. “When we talk about diversifying the economy, renewable energy stands at the centre of that activity.”

And the environmental benefits of increased reliance on renewable energy also have economic implications. Sectors such as agriculture are easily affected by climate change, and according to the Bank’s quarterly review, the prolonged period of low rain fall during the first half of the year impacted output. Milk production suffered due to drought conditions, as these reduced the quality of grazing pastures and even led to the closure of one farm.

For those reasons, Haynes asserts that despite the challenges, the focus on renewable energy must remain a priority. “There have been some delays in terms of getting it going the way we need to get it going, but get it going, we must.”