Renewable and Alternative Energy is a rapidly growing investment opportunity in Barbados.
The Government of Barbados is committed to improving the country’s energy security through renewable and alternative energy sources.
As a Small Island Developing State (SIDS), Barbados recognizes the dangers of global warming and the importance of reducing the country’s carbon footprint.
Green Barbados, a target goal of the 2007 – 2025 National Strategic Plan, seeks to transform the country into the cleanest, most environmentally advanced country in the world.
Currently, two-thirds of the country’s energy requirements are imported from abroad. However, the Government of Barbados desires to combat the impact of global warming, volatile oil prices and climate change has led to a surge of interest in renewable and alternative energy sources.
The Barbados National Energy Policy was officially passed in 2007. Since then, government incentive programs have included the institution of several grants, loans and concessions in this sector.
The policy is committed to national energy conservation and efficiency through alternative and renewable energy sources including:
— Bio diesel
— Natural gas
— Cane Ethanol & Cultivation for Biomass
Falling in line with the National Energy Policy is a public sector energy conservation plan and a Green Economy Policy. Together, these initiatives help form a consolidated effort to reduce carbon emissions on a national scale while introducing ecologically friendly production into the local economy.
Grants, loans, incentives and concessions are available through government energy sector programs such as:
— Green Centers
— Grants and Rebates for ‘Green’ Construction
— Environmental Levy (imports on wind turbines, photovoltaic components and systems, biofuel, hydropower, solar, wave or tidal power, fuel cell and geothermal heat pump systems)
In 2009, the Inter-American Development (IDB) slated $1 million towards the development of a Sustainable Energy Framework for Barbados (SEFB). The SEFB will fund government research, a regulatory system and financial incentives to promote affordable and sustainable energy solutions and security.
The SEFB is complemented by the Caribbean Hotel Energy Efficiency Action Program (CHENACT). A further $1 million CHENACT grant will propel energy saving technologies within the Caribbean hotel industry, one of Barbados leading business sectors.
In a concerted effort with the IDB and CHENACT, the United Nations Development Fund has contributed a $1 million Global Environmental Facility (GEF) pilot project fund intended to support energy efficient and renewable initiatives.
Invest Barbados (IB) was established by the Government of Barbados in 2007. The agency is responsible for attracting and maintaining foreign investment in the country. Invest Barbados provides advice and assistance to investors seeking profitable energy options and ventures.
IB’s head office is located in the national capital of Bridgetown with extension offices in London, Toronto, Miami and New York.
Barbados Association of Energy Professionals provides a forum for energy professionals to discuss and actively pursue appropriate energy solutions to meet the needs of Barbados and the region as a whole. The Association works to raise awareness through a public awareness program while providing advisory services to residential, industrial and commercial clients.
Barbados alternative and renewable energy sector is ripe for discerning investors and venture capitalists to take profit in the rapidly expanding clean-and-green industry.