By JIMENITA SWAIN, Guardian Senior Reporter, jimenita@nasguard.com

With fossil fuels supplying 93 percent of the energy needs of the region, now is the time for leaders to look at developing a plan for renewable and sustainable energy.

This was the view expressed by regional leaders attending the opening of the Organization of American States Regional Sustainable Energy Seminar at the Sheraton Cable Beach Resort on Wednesday.

"Today the region depends on fossil fuels to supply 93 percent of its energy," explained Ambassador Albert R. Ramdin, OAS Assistant Secretary General. That heavy reliance places the region in an unstable state, which he linked to the reason the conference was necessary.

"The critical importance of today's event in developing a successful strategy for the Caribbean region, that will benefit current and future generations, cannot be over emphasized," he said. Ambassador Ramdin said soaring petroleum prices and the region's high dependence on imported fuel is taking a toll on the fragile economies of the region.

In the last four years energy costs have risen by about 370 per cent, Ambassador Ramdin said. To support that point, in 2004, he said the region imported 163 million barrels of oil at a cost of $6.4 billion. That figure today at current crude oil rates, with the same amount of petroleum, would cost countries in the region more than $24 billion, he estimated.

"There is no doubt that the situation could have far-reaching social, economic, financial and, I may add, political consequences, if the issue of energy security is not addressed swiftly and decisively by the region's leaders," he said.

Throughout the region, where energy imports hold at 93 percent, Minister of the Environment, Earl Deveaux said, "As consumers, our nation depends on imported petroleum products to satisfy over 99 percent of our consumer energy demands." Admittedly, The Bahamas heavily relies on fossil fuels because there are no known exploitable supply of conventional energy resources, he added.

In an attempt to chart a new way forward in sourcing alternative energy, Minister Deveaux explained that the National Energy Policy Committee was appointed in February to guide, inform and advise the government on the growing energy crisis.

Drawing reference to countries in the region like Barbados which uses compact fluorescent light bulbs, he said, a similar initiative could result in savings averaging $2 million annually. Similarly, if solar water heaters were implemented, this would reduce oil consumption by 175,000 barrels and yield a $9 million savings, the environment minister added.

He said the Bahamas Electricity Corporation is dependent on fossil fuels and this culture must be challenged to change. That change, according to him, is taking shape with the appointment of the Renewable Technologies Committee by BEC to explore renewable energy opportunities.

"We seek to create energy conscious societies," he said, noting that wind and solar offer the best sources of renewable energy in the region.

United States Ambassador to The Bahamas, Ned Seigel in his remarks said the United States was also not immune to the effects of high energy prices. "It is critical that all of us identify ways to improve energy efficiency and security," Ambassador Seigel stated.

The conference was hosted by the OAS Department of Sustainable Development, the Inter-American Development Bank, the Inter-American Institute for Cooperation on Agriculture and the Department of State for the United States.

A second seminar will kick off today, hosted by the US Embassy, which will bring together officials from the U.S. Departments of State, Energy and Commerce; and private sector representative to discuss private-public partnerships for alternative energy development and technology.