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Solar Hope

Central Bank Governor outlines ‘sure’ path to economic prosperity

Central Bank Governor Dr Delisle Worrell suggested today there was one ‘sure’ way for the island to record three per cent economic growth this year.

However, it would have required a 100 per cent switch over from electricity to solar energy.

Worrell therefore told those attending a renewable energy and energy efficiency workshop not to expect any significant change to the Central Bank’s 0.5 per cent growth projection for 2015.

The Bank is further projecting one per cent growth next year, and about two per cent thereafter.

“ . . . we don’t think we are, [based] on current projections, going to get much above that. That is what we see right now, but we know that already there are policies in place in other sectors, which we hope will actually get us a little beyond that,” said an optimistic Worrell.

He pointed out that if Barbados did not have to import any fuel, “we would be at three per cent [economic growth], we would rise to about five per cent next year, the year after we would be at six per cent and we would be, in a couple of years, at seven per cent.

“In other words, among the fastest growing economies in the whole world,” he said.

However, the Governor acknowledged that such a scenario was nothing more than “a dream” at this stage since the island did not have the means of generating or using wind and solar energy to provide for 100 per cent of its energy needs.

“It is just to give you a concept of the difference between a Barbados where you have to import fossil fuel and a Barbados where you don’t,” explained Worrell.

He said because foreign exchange was a limiting factor in the economy it meant that 100 per cent renewable energy use was “the ideal solution” for the island “irrespective of price of oil [and] irrespective of anything else”.

The economist said achieving the desired target of full renewable energy use would “transform” the domestic economy, and make Barbados the wealthiest and potentially the most prosperous country in the Latin America and Caribbean region within a decade of that achievement.

“One hundred per cent renewable is transformative, even anything close to 100 per cent is transformative to this economy,” he said, noting that the country would not have to spend “the $600 million that we spent on fuel imports in 2014”.

The Central Bank Governor also pointed out that with the development of the sector there would be increased employment opportunities, including those with highly specialized skills, as well as increased tax revenues to the Government, foreign exchange savings and “spillovers” to other sectors.

7 Responses to Solar Hope

  1. John Johns
    John Johns November 18, 2015 at 12:48 am

    i am seriously starting to feel for mr worrell the man is delusional

  2. Tony Webster November 18, 2015 at 2:16 am

    @John, Me Too.
    If I were to be living on Mars, I would just walk around scooping up Rum’n’Raisin ice cream where it falls-off the trees that grow it there. That is, if I can fight off those Lithe naked Amazon ladies who got there ahead of me, ( on the first space- ship from Trinbago) and have not seen a man or a steel-band pan, in thirty years.
    Makes my head grow by at least 6 per cent ( compounded, and tax-free under the new Hook-line-and Sinklering concession to anyone who has stayed at Sandals for one night or more).

    John: now you got a TWO guys to worry about, and pray for, Ok?

    Lord…cumfa. Quickly please, Lord.

  3. Sue Donym November 18, 2015 at 4:41 am

    So… basically hot air and fairy tales!

  4. jrsmith November 18, 2015 at 6:59 am

    This is the Governor of our Central Bank, as I said before , this upper level of management , is living in la, la, land, what a stupid thing to say, this is why no real attempts are made to get the economy, moving, in Barbados ,its obvious, still at the crossroads.

    His words ,100% ,switch over from generating of electricity, to solar energy. so easy to , to make speeches, about this renewable farce, where would all this money come from, this is up to the corporates , not affordable to the Barbados or the region.

    My take , the only way ,Barbados’s economy is going to get moving, is borrowing money to invest in our infrastructure. meaning a total upgrade and addition of what’s required of the same, this is the only job provider , we don’t have the amount of local business or manufacturing to employ at least 5000 bajans.

    look the big mistake, our government is making , borrowing money to build a hotel , for a small amount of employees, spending that money on the infrastructure, would be a better move.

  5. Harry November 18, 2015 at 8:05 am

    There is no hope – pie in the sky from a man who looks & sounds like Mr. Magoo while playing with his model cars.

  6. David Hall November 19, 2015 at 6:15 am

    Seems like the governor is on a PR Exercise to promote the controversial Waste to Energy plant. This government has no shame!

  7. Winston Arthur Trechane November 19, 2015 at 3:12 pm

    In this hypothetical projection Dr Delisle Worrell reminds me of the story of a goalkeeper and a striker.

    The goalkeeper said to the striker; “You know, if you could shoot equally well with both feet you could score more goals.”

    To which the striker replied; “You know what, if you had arms you could be our coach and we wouldn’t lose every game.”

    He’s a “Dr” so he may be able to figure this out.


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