Jeremy Barnes, CEO of FESCO
Chief Executive Officer of Future Energy Source Company (FESCO), Jeremy Barnes, is urging businesses and the government to take a long-term approach to planning, amid growing uncertainty in the global economy.
Mr. Barnes says ongoing geopolitical tensions are driving energy prices higher and should prompt greater investment in renewable energy, including solar and wind.
He also says Jamaica needs greater long-term investment in water storage and management, given the impact of prolonged drought on production and prices.
Mr. Barnes says the effects are particularly evident in agriculture, with higher food prices contributing significantly to inflation.
Food and non-alcoholic beverages account for 35.7 per cent of Jamaica's inflation basket.
The inflation rate stood at 7.5 per cent at the end of July, compared with July last year.
Mr. Barnes says businesses and policymakers must factor these challenges into their long-term planning.
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