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51.2. Accordingly, the Government of Saint Vincent and the Grenadines has outlined a number of initiatives to provide the appropriate enabling environment necessary for economic growth and development.
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• Over 95% of our total territory is located in the seas beyond our coastline. The regulation, conservation, and protection of our marine space and ecosystems are of paramount importance. The Government is attracting investments with local as well as international investors through a Public-Private Partnerships (PPP) programme to enable a more regulated and conservatory mining of marine resources. Understanding the increasingly intense impacts of climate change and its effects on the economy and livelihood of many families, pursue with greater urgency for investments and initiatives in green development and climate-resilient infrastructure;
• Through the roadmap of the National Energy Action Plan developed renewable energy sources to provide for heat (solar thermal, biomass) and electricity (wind, geothermal, hydro, and solar) and possibly fuel (biomass). Those resources can cover larger shares of the energy needs as this is presently not taking place. While the use of hydro power for electricity generation has a long-standing tradition, the active usage of solar energy for hot water production is of recent nature. Both technologies are mature and competitive;
• The gradual transfer to solar, hydro and geothermal production to drastically reduce reliance on fossil fuel thus reducing energy cost to the consumers and the productive sector of Saint Vincent and the Grenadines. Each year, approximately 7 million gallons of diesel is imported to generate electricity. Saint Vincent and the Grenadines, building on the National Action Plan, continue further exploration for geothermal energy to reduce reliance on fossil fuels to generate energy;
• Over one-third of the total preliminary estimates of loss and damage from the volcano was borne by our agriculture sector.
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1. (...) All six OECS-WTO Members are highly reliant on merchandise imports, and are frequently affected by natural disasters, especially hurricanes. (...)

2. In general, their narrow economic base, their susceptibility to natural disasters, and their high reliance on imports make the OECS-WTO Members particularly vulnerable to exogenous shocks. (...)

7. (...) The OECS Economic Union, when completed, will create a single financial and economic space within which goods, services, people, and capital move freely; monetary and fiscal policies are harmonized; and members continue to adopt a common approach to trade, health, education, and the environment, as well as to sectoral development in agriculture, tourism, and energy. (...)

15. (...) The third edition of the Article 164 regime [of the Revised Treaty of Chaguaramas (RTC)], which started in January 2020, covers 14 product groups across 39 tariff lines, (...) solar water heaters (...)

24. The contribution of the agriculture sector to GDP has been shrinking through the years in the OECS-WTO Members. The sector faces challenges as the OECS-WTO Members are small island economies, where resources of land and water are scarce. (...) The sector[agriculture] is susceptible to exogenous shocks such as natural disasters and global market fluctuations.

1.2. All six OECS-WTO Members have in common that they are highly reliant on merchandise imports, and are frequently affected by natural disasters, especially hurricanes. (...)

1.3. In general, their narrow economic base, their susceptibility to natural disasters, and their high reliance on imports make the OECS WTO Members particularly vulnerable to exogenous shocks. (...)

1.4. (...) Some of the OECS WTO Members have also continued their attempts to diversify the economy by engaging in other service activities, such as education services, health services, and environment related activities.

1.5. Faced with rising inflation, in particular the increasing costs of energy and of electricity generation, which is still highly dependent on fuel, the OECS WTO Members are promoting the use of renewable sources of energy.