EU disburses Second Renewable Energy Tranche of BBD $3.15 million to Barbados
(EU Press Release) Barbados has received a boost from the European Union as the government forges ahead with its goal of becoming 100% fossil fuel free by 2030.
The European Union has disbursed BBD$3.15 million (EUR €1.4M) to the Government of Barbados as the second tranche under the 11th European Development Fund (EDF) Renewable Energy (RE) and Energy Efficiency (EE) Budget Support Programme.
The overall objective of the assistance is to support Barbados in advancing in its attempt towards energy self-sufficiency from local renewable resources. The assistance will also continue to support the implementation of the Barbados National Energy Policy (BNEP).
The European Union will continue to support Barbados’s efforts to ensure that the private sector gets engaged in power generation through renewable energy (RE) technologies, and that consumers make increasing use of energy efficiency measures and technology. As Barbados is making the transition from a fossil-fuel based energy sector to a renewable-energy-based sector, the EU welcomes the importance the government has placed on developing the necessary regulatory and legislative environment to support further investments in renewable energy technologies.
The EU strongly believes that supporting the renewable energy and energy efficient sectors will increase the energy security of Barbados since the price of fossil fuels is very volatile and can expose the economy to exogenous shocks which adversely impacts the competitiveness and economic resilience of Barbados. The EU through this budget support programme will help the government in terms of energy security and building resilience into the energy sector.
The overall programme budget of the EU’s current renewable energy intervention is approximately BBD$6.75 million (€3.0M). The programme is expected to run until 2020, with BBD$6.30 million (€2.8M) earmarked for Energy sector development as budget support. Barbados also benefits from other on-going national and region energy programmes funded by the European Union.