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Energy Statement and Budgetary Proposals for the year 2010 for Barbados

The following is Part Two of the unedited text of the Energy Statement and Budgetary Proposals for the year 2010 for Barbados.


Energy

The Government has expanded the Sustainable Energy Framework of Barbados Project launched last year to include and additional US$1 million in grant funding from the Global Environmental Facility (GEF) for the implementation of renewable energy demonstration projects. This programme will install 3000 power meters, 1,500 compact fluorescent lamps, 28 photo-voltaic systems and one micro wind system in selected households and other places.

In order to ensure the sustainability of these initiatives the Government of Barbados decided to take two-fold approach with the IDB as follows:

*  The development of a Programmatic Policy Based Loan in the sum of US$45 million for the Energy Sector as an instrument to catalyse the regulatory, policy and legislative measures required to promote sustainable energy. The loan agreement has already been signed by me and proceeds of the loan are expected to be disbursed during this month of November this year. It is to be noted the Government of Barbados has already met the conditions for the disbursement of the loan.

*  A US 10 million dollar Smart Fund Initiative

While the Energy Policy Based Loan focuses on regulatory and policy actions required to promote energy, the US 10 million dollar Smart Fund Loan is a package of financial instruments and technical assistance to address the main market failures that prevent the country from adopting renewable energy and energy efficiency.

Although many renewable energy and energy efficiency technologies are commercially viable their uptake in Barbados is low mainly due to limited access to capital, limited and uncompetitive renewable energy and energy efficiency equipment supply and lack of information.

The Smart Fund will help to overcome these problems by providing the finance to overcome the access to capital problem, funding campaigns to develop a critical mass of users of some of the most promising technologies and develop a new market equilibrium in which these technologies become the norm.


Source:http://www.nationnews.com/articles/view/2010-financial-statement-and-budgetary-proposals-pt-2/



Category/ies:Barbados News, Barbados Speeches.
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