The Government of Barbados’ objective for renewable/alternative energy is to have approximately 29 per cent of all electricity consumption in Barbados being produced from renewable energy sources, along with a 22 per cent reduction of overall electricity consumption by the year 2029.
This, according to Barbados’ Minister of Industry, International Business, Commerce and Small Business Development, Hon. Donville Inniss, is part of Government’s policy for Barbados’ Renewable/Alternative Energy Sector targeted at the private, public and domestic sectors.
With the assistance of a US $10 million loan from the Inter-American Development Bank, an Energy Smart Fund will be established to promote renewable energy and energy efficiency in the Barbados private sector. Such measures are designed to aid in steering Barbados away from the over-dependence on fossil fuel and instead develop and sustain a renewable energy industry. As such, the Barbados Government has been doing what is necessary to ensure that this is possible, including revising the Barbados Electric Light and Power Act to create the enabling environment for independent power producers to sell electricity to the grid.
According to the Minister, “The Government has done its part by providing the appropriate legislation, fiscal incentives and some measure of financial support along a solid regulatory environment via the Fair Trading Commission. The onus is now on households and businesses to take the baton and to run with it.”
The Minister further noted that Barbados’ solar water heater industry, which is part of the Renewable/Alternative Energy Sector, has been successful. He suggested that further success could be realised by having photovoltaic installations in the private sector, the Government and in households.
Renewable/Alternative Energy is one of the new initiatives which the Government of Barbados has introduced to provide greater incentives to investors and which will enable Barbados to further develop into a global business centre.