The governor of the Eastern Caribbean Central Bank Timothy Antoine stated that the Caribbean economy could not shift from expensive fossil fuel to clean energy uses because of the lack of climate finance, COVID-19’s drastic effect and electricity monopolies. The economic growth decline by 14% of Eastern Caribbean countries includes Antigua and Barbuda, Grenada and Dominica that is house to 650,000 people.
He stated that 7%of GDP was spent on importing fossil fuels in 2019. The Eastern Caribbean Central Bank has shown its keen interest in forming a green and resilient future for the Caribbean. It will have a good impact on foreign reserves, business, household and job creation.
The finance ministers of Antigua and Barbuda, Grenada and Dominica have agreed to the climate action plans in which it was pledged to double the use of renewable energy from 10% in 2020 to 20% till the end of 2025. This might be modest for Latin America, but it also a foremost step for the eastern Caribbean nations.
The governor stated that it is highly disappointing that the progress of shifting to clean energy has not reached the right platform till now. He said the plans of use of solar power are in progress but have been affected very severely by the pandemic and eruption of the volcano.
The governor stated that the pandemic had affected the supplies of solar panels and batteries coming to the island as they are delayed from reaching the island. Due to many delays, the islands cannot finish the projects on time, and the manufacturers have also increased their prices. The focus was on shifting to a lower-carbon economy, including natural gas, from costly oil imports that were hindering the country’s growth and development in the past.
This shows that the world economy has been affected by this pandemic.