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Background
Barbados is the most easterly island in the Caribbean archipelago as shown in Figure 1. With a population of approximately 272,000 people residing in an area of 435 km2 (166 miles2). Barbados has limited on-shore mineral and hydrocarbon resources, which have been efficiently exploited over the last few decades. Offshore resources have considerable potential, with an offshore license area of several thousand square kilometres The country has transitioned from an agrarian to a service-based economy. Tourism has become the single largest foreign exchange earner and the sugar cane industry is undergoing fundamental restructuring to survive in a post preferential markets environment.
Background contd
85.00 80.00
Energy Intensity (TOE/GDP)
Mitigation of the impact of high oil prices will be enhanced by the following measures: Increased exploration for and equitable exploitation of onshore and offshore oil and gas resources. Diversification of the fuel mix with a possible transition to natural gas as the primary fossil fuel. A comprehensive energy conservation and energy awareness programme. Reduced dependence on fossil fuels by the promotion of renewable energy. The following renewable energy targets have been set: 10% of national energy usage will be from renewable sources by 2012 20% of national energy usage will be from renewable sources by 2026
75.00 70.00 65.00 60.00 55.00 50.00 1993 1994 1995 1996 1997 1998 Year 1999 2000 2001 2002 2003 2004*
1200 1000 800 600 400 200 0 1983 1985 1987 1989 1991 1993
Year
1995
1997
1999
2001
2003
2005
Conclusion
The Government of Barbados is committed to seeking holistic ways to manage its energy resources. In addition to the fact that oil prices are extremely variable, the current global recession underscores the urgency of finding timely, sustainable solutions that are relevant to all segments of the population. Ultimately, it becomes clear that our solutions will be achieved through a combination of energy saving measures ranging from energy conservation to the increased use of various renewable sources particularly solar, wind and biomass.
Thank you
Ministry of Finance, Investment, Telecommunications & Energy
energydiv@sunbeach.net