“The national energy bill could be reduced around 11 percent if we met our renewable energy targets”
NASSAU, BAHAMAS — The Bahamas could reduce its oil imports by nearly 20 percent if it meets its renewable energy targets, according to a regional economist, who noted that oil imports are a drain on the country’s foreign reserves.
Marla Dukharan, while addressing a recent joint seminar with Citadel Consultants and the Association of Certified Fraud Examiners (ACFE), noted: “If we keep doing things the way we have, fossil fuels will make up 91 percent of Caribbean energy generation matrices by 2040.
“It’s easy for us to say that external factors and external actors are causing climate change, but we can also make better choices. The private sector has an important role to play in reducing our energy consumption in this region.
“Oil imports can be reduced by as much as 50 percent for some countries if renewable energy targets are met, which would increase the long-term level of GDP (gross domestic product) by as much as three percent.”
She added: “For The Bahamas, oil imports could be reduced by around 17 percent and the national energy bill could be reduced around 11 percent if we met our renewable energy targets in The Bahamas. By embracing renewable energy, we could remove our own constraints and reduce reliance on others.”
The National Energy Policy (NEP) target is to generate 30 percent of the country’s energy from renewable sources by 2030.
Dukharan noted the cost of energy has been identified as a major challenge to doing business in The Bahamas. She noted The Bahamas spent $769 million on oil imports in 2019 and further pointed out that food imports make up another 15 percent of total imports, with the hospitality sector one of the top food importers.
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