Most OIL companies have reaped the sweets of a resource that, some would argue, has literally kept the world turning. With the instability of the price of oil and the concerns of the associated environmental degradation, the time has come for us to really assess what we have done and chart a realistic path forward.
To my mind, the turning point for the entire world should have come after the recently held International Conference on Renewable Energy, when the President of the United States called on Americans to stop depending so heavily on oil, since it presents a challenge to the nations national security.
He also noted that despite popular belief, the US federal government spent more than $12 billion to research, develop and promote alternative energy sources, and has provided incentives for the private sector to invest.
This is the direction that all countries must be headed. For a world power to make such statements pointing to the vulnerability that the country faces because of oil small island states must be equally as cautious and, quite frankly, scared. We all know that if the United States sneezes three quarters of world will catch a cold, and this is one cold that we can ill-afford to catch.
The way to go is utilising environmentally friendly products and we are seeing quite a few companies heading in that direction, particularly with regard to luxury vehicles. Incentives for making these changes will be critical since many companies are still only seeing the bottom-line and their profit margin. It is also up to the consumer to demand that the products that they consume or purchase are of the strictest standards and comply with stringent eco-friendly practices.
On the topic of oil, it would be remiss of me not to mention recent comments made by Deputy Resident Representative of the United Nations Development Programme, Stein Hansen, who took the more optimistic approach to the rising oil prices.
He suggested that it should not be viewed as a negative, but rather an opportunity for countries to focus more on alternative energy sources.
He pointed to the fact that with a sun-rich region such as the Caribbean, every island should be making full use of the suns rays. Hansen also lauded Barbados use of solar technology. However the question remains, how much further are we going to go? There was tremendous hype associated with the solar-powered vehicles, which would have been used as shuttles in and around the city. What has become of that project? What else are we doing to seriously promote renewable energy on the island?
These are all considerations that will have to be made as we watch the price of oil, a non-renewable resource, spiral out of control and out of our reach.
