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Another energy saving initiative has been created by Government.
The Energy Smart Fund will be officially launched next Monday, November 28, at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael at 9:00 a.m.
The project, which is being designed in collaboration with the Enterprise Growth Fund Ltd., will provide financial and technical support to renewable energy and energy efficient projects in Barbados. Financing for the Fund was secured from the Inter-American Development Bank to the tune of US$10 million, as part of an agreement for the Sustainable Energy Investment Programme.
The Energy Smart Fund is intended to increase the use of viable renewable energy and energy efficiency technologies in Barbados, in order to decrease energy costs of the population and increase the country’s energy security by reducing its dependency on imported fossil fuels. It will also promote local and global environmental sustainability.
It is, therefore, a package of financial instruments and technical assistance which will also provide access to capital to encourage the use of renewable energy and energy efficiency technologies in Barbados.