Premier Andrew Fahie said those funds would be saved through major reductions in the territory’s fossil fuel consumption.

He said the territory’s estimated fossil fuel consumption stands at 1 million gallons per month. The Premier, who is also Minister of Finance, said the territory’s currently spends an average base price of $2.18 per gallon.

“That is $26.16 million per year, and $130.8 million over five years, that is leaving our shores to enrich other countries and other economies. Put it another way, the BVI people and our economy loses $26.16 million every year by importing fossil fuel,” Premier Fahie stated.

“As our economy grows, our fuel consumption will grow even further beyond the 1 million gallons per month, and this means even more money will be leaving our shores.”

Millions to be saved

The Premier, however, said that by adopting various Green measures such as the use of renewable energy in businesses and homes, coupled with the many initiatives government has been implementing to ensure the territory is 60 percent Green by 2030, the consumption of fossil fuel will vastly decrease in the BVI.

He said: “Green energy is free. Thus, by reducing our fossil fuel consumption by 60 percent, we can reduce this leakage by about $15.7 million per year, based on the current usage and prices. That would be savings for the people of the Virgin Islands of $78.5 million dollars over the next five years.”

“Compressed Natural Gas (CNG) and LPG are cleaner and cheaper fuels. Therefore, there will be even further savings and benefits for the BVI people when we switch to CNG and LPG for the remaining 40 percent of our fuel needs,” he added.

Meetings with public to be had

Premier Fahie also said that in moving forward to ensure that residents are fully knowledgeable of all the benefits associated with renewable energy, a number of district community meetings on the matter have been scheduled for next month.

“Your Government intends to commence a series of public awareness meetings in March 2020 to educate the population on how they can participate in our Green economy and how you can go about accessing the benefits and incentives of our Green initiatives,” Premier Fahie stated.