Economy of St. Lucia
St. Lucia’s economy benefits from its location. Being a
volcanic island located in the Eastern Caribbean its natural beauty has made it
a popular tourist destination. Agriculture also plays an important role in the
islands economy; bananas were once the nations largest export (St. Lucia
Guide). Most developing countries are forced to rely on energy that is
inefficient and polluting to the environment, but St. Lucia recognizes their need
to protect their environment for their tourist and agriculture, that is why
they have taken a bold step to become the world’s sustainable energy country (Sovereign Publications).
St. Lucia’s banana export has been
on a decline since the 1990s when the European Union said that it would no
longer prefer buying Windward Island bananas, another reason banana export
declined was because of the competition with prices from Latin American banana
producers (U.S. Department of State). The country is also encouraging farmers
to plant crops such as cocoa, mangos, and avocados to diversify its
agricultural production and provide jobs for unemployed banana workers (CIA).
Biofuels are also being discussed as an alternative fuel for the cars on the
island (Sovereign Publications).
Tourism is St. Lucia’s main source
of income and the island’s biggest employer but is at risk with the U.S.
economic crisis (CIA). Environmental impacts such as hurricanes and droughts
can also sometimes set back the tourism industry, but eco-tourists
are always enthused to see everything St. Lucia has to offer. Its beauty is
seen everywhere from the drive through volcanoes to the offshore coral reefs.
One problem is that the resorts have not always followed environmentally sound
guidelines (St. Lucia Guide). Hopefully this will change with the proposed use
of solar energy on roofs for the heating of water (Sovereign Publications).
St.
Lucia’s adoption and implementation of the sustainable energy plan will have
significant economic and environmental benefits. It will reduce energy use,
which results in a reduction of foreign exchange spent on importing fuel. There
development of using natural and renewable sources for energy will also provide
opportunities for investment, employment and technological advances. The
paramount is the reduction in greenhouse gas emissions and will reinforce Saint
Lucia’s commitment to creating a more sustainable environment in local and
global environments (Sovereign Publications).
