Those storms wiped out over 200 percent of Dominica’s GDP in fewer than two days. That is an astronomical cost to pay and requires sustained coordinated global action to minimise the impact on small island economies like ours. And this is not the only price that comes along with our dependence on fossil fuels.
High fuel prices impinge Barbados’ economic growth, stymie our competitiveness, and erode our foreign reserves, the lifeblood of our economy. In 2008, when oil prices hovered around $ per barrel, our Balance of Payments felt the impact. As the cost of fuel imports sky rocketed, shipping costs also rose, pushing up the price of imported goods.