Budget Speech 2011 - Government of Grenada

in securing vacations and is working towards a re-launch of the Spice
Holidays Programme for the Grenadian Diaspora.
Industry Management
During the year, Government will continue with its thrust to build and
maintain capacity to engage stakeholders at all levels of the industry
and sharpen its policymaking capabilities to move the industry forward.
A proposal is being considered to establish a separate and independent
agency to develop and manage all aspects of the tourism product.
5.5 ENERGY DEVELOPMENT
As the world begins to recover from the global recession of the last two
years, the year has started with the price of oil rising to a 26-month high
of over US$92 dollars per barrel. This recent price hike is partly due
to unusually cold weather in the North but also in response to predicted
increased demand from the manufacturing sectors in the USA and China.
Analysts predict that 2011 will see the price of oil rise over US$100 dollars
per barrel.
Government remains convinced that the ultimate solution to the drain on
our foreign reserves caused by the high costs of energy is to transition to a
low carbon economy based on the use of indigenous sources of renewable
energy and on the most efficient use of energy.
A National Energy Policy has been completed to guide this transition
to a low carbon economy. The policy is now before the Cabinet and is
expected to be laid in Parliament by the second quarter of this year.
The Government wishes to thank the Organisation of American States for
its assistance in developing this important policy initiative, which sets the
framework for sustainable and secure energy development and provides
a detailed action plan to achieve a 30% reduction in greenhouse gas
emissions from fossil fuel combustion by 2020.
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2011 Budget Statement