<
https://reneweconomy.com.au/pacific-islands-energy-crisis-one-country-faces-fuel-import-bills-three-times-its-healthcare-budget/>
"The war in the Middle East is threatening to derail diesel-dependent Pacific
island economies, with one country facing fuel import bills equal to three
times its annual healthcare budget.
Fiji could be hit with a 115 per cent increase on its annual imported fuel
costs from 2025 levels, by about $US670 million ($A978 million), if oil holds
at post-shock prices, analysis shows.
This massive spike represents almost three times Fiji’s annual healthcare
budget, according to Zero Carbon Analytics.
The energy and climate researchers found Vanuatu’s refined petroleum import
costs could surge $US120 million ($A175 million), amounting to about 11 per
cent of GDP.
Brent crude oil prices have surpassed $US100 ($A146) a barrel following the
US-Israeli invasion of Iran and subsequent disruptions to shipping through the
Strait of Hormuz.
The conflict is squeezing economies worldwide but pressures are particularly
acute for small island countries that rely heavily on diesel for power
generation.
Skyrocketing fuel costs drain foreign exchange reserves and risk pushing
countries into high levels of debt, leaving them vulnerable to future shocks
and more reliant on foreign aid.
With 80 per cent of regional energy currently dependent on imported oil, the
crisis has accelerated the push for local clean energy generation.
While reducing emissions is a factor, for these nations responsible for just
0.03 per cent of global conditions, the primary driver is energy security."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
