Much of the recent worldwide news has concerned natural disasters – earthquakes, cyclones, tornadoes, and the like – and, as we know only too well from the impact of Hurricane Ivan which had a landfall here in September 2004, the effects of these natural devastations will persist in the affected countries for many years.

Even though the Cayman Islands has rebounded remarkably well from Ivan, there are still a number of seemingly intractable difficulties that remain to be resolved.

In the meantime, some serious external factors are not so much on the horizon but are in the process of disembarking as we write. Three such factors spring immediately to mind.

First, the rapidly escalating price of oil. Second, the equally rapidly rising price of basic foods such as rice, wheat and corn. Third, the continuing political assault on one of our two core industries – the financial services sector.

We can, of course, do nothing about the price of oil, but there is a lot we can do to wean ourselves from our reliance on petroleum products.

The Cayman Islands is blessed with almost year-round sunshine, which makes us an obviously suitable location for the generation of solar energy. The problem here has been a resistance on the part of the existing vested interests to allow consumers to generate their own power and even contribute surplus electricity to the grid. There has also been a tendency on the part of consumers to take the easy way out – flick a switch and complain about the cost when the bill comes in, rather than making an effort to invest in sustainable and environmentally friendly methods of power generation.

In addition to our constant supply of sunshine, we also enjoy the prevailing northeast trade winds, which would also seem to us to be tailor made for the generation of electricity.

Granted, wind farms are not the most visually attractive of power generation alternatives but, nevertheless, we are certain that there are some suitable locations for a test installation.

Perhaps, Cayman Brac might be a suitable place for an experimental project. The island’s power needs are relatively modest and there ought to be sufficient land available somewhere on the Bluff in a spot to maximise the benefit of the available wind energy.

However, nothing is going to be accomplished in this respect without government encouragement and, if necessary, intervention; even if it means stepping on some vested interest toes.

The question is, will this administration or the next one have what it takes to get something moving in this respect?

We are equally powerless over the global price of basic foods as we are over the price of oil but, again, we can make greater efforts to alleviate our dependence on imported food.

Yes, by and large, the Cayman Islands does not have the land or quality of soil necessary for large scale food production but that does not stop us making the most of what we have and also exploring different methods of horticulture and aquaculture.

There is considerable scope for hydroponic methods of growing, which have never really been exploited here. Again, it has been all too easy just to bring in the packaged end product from the US and elsewhere. However, the relative economics of this may be changing rapidly.

In addition, surely we have some established expertise in aquaculture – after all, that’s exactly what the Turtle Farm is. Why hasn’t a greater effort been made to exploit this potential?

But, once again, it will take some leadership on the part of government to stimulate some movement in this direction but, as the economic imperatives become more pressing, perhaps ministers will begin to see the light in this respect.

Last is the topic we have touched upon fairly frequently in recent months, namely, the continuing assault in Europe and America on our offshore financial services sector.

Every day there seems to be one news story or another about new investigations and/or legislation to curb the benefits of using Cayman Islands’ financial vehicles but, as with most or all negative news, there is a degree of denial on the part of public and private sector stakeholders.

What, if anything, is being done to change outside perceptions of the Cayman Islands?

Are there any contingency plans in the event that our financial business dries up?

We can take it for granted that the banks, lawyers and accountants have their own contingency plans, but those would involve packing up and moving out rather than being concerned about the economic well-being of the Cayman Islands.

It is not too late to confront the realities facing us, but time is running short.