Premier Fahie made this revelation in a statement released on February 13, 2020, where he detailed plans for adopting greener energy approaches in the Territory.

"The BVI people and our economy lose $26.16 million every year by importing fossil fuel," he said, noting that the money is leaving the shores of the Territory to enrich other countries and other economies.

Reducing Fossil Fuel consumption

He said as the economy grows, fuel consumption will grow even further beyond the 1 million gallons per month, resulting in even more money leaving the shores.

"Green energy is free. Thus, by reducing our fossil fuel consumption by 60 per cent, 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."

According to Premier Fahie, Compressed Natural Gas (CNG) and LPG represent cleaner and cheaper fuels which will result in further savings and benefits for the VI people when the Territory switches to CNG and LPG for the remaining 40 per cent of its fuel needs.

Investing in other areas

The Leader of Government business noted that with the money saved from switching to cleaner energy, Virgin Islanders will be able to spend on other things, such as improving homes and properties, buying food or educating and caring for children, or put into savings.

"That is money that can strengthen the BVI’s economy instead of some other country’s economy," he noted.

Premier Fahie said the possibilities for VI families will be great, given funds will not be going abroad but instead utilised to improve the local quality of life.

"Imagine the amount of pollution we can cut down on by reducing the consumption of dirty fossil fuel by 60 percent or more."

Hon Fahie continued, "We can do it. And, together, we will do it by transitioning away from fossil fuel and into green energy with you the people at the centre of it all, participating, saving, earning and preserving and protecting our natural environment."

Experts being called in

The Premier said Government is pressing forward to meet green energy targets and to ensure that this is done properly and in a timely manner they will be soliciting the services of an energy expert to work between the Premier's Office and the BVIEC Board so that the green energy transformation is a success.