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Barbados has set a target of becoming fossil free by 2030. Making progress toward this goal requires buy-in from householders, but the initial costs of renewable energy systems can be prohibitive to some. So how can financial institutions assist in this area?

This will be the focus of Increasing Household Investment in Renewable Energy: How the Financial Sector Can Help, an online panel discussion hosted by the Central Bank of Barbados and the Financial Services Commission, on Thursday, April 22, at 10:00 a.m.

“Barbados stands to gain from the reduced use of fossil fuels and increased adoption of renewable energy, both from an environmental perspective and in terms of our economy. Greater reliance on renewable energy sources will reduce our import bill and benefit our international reserves,” said Central Bank of Barbados Governor, Cleviston Haynes, explaining the Bank’s rationale for hosting the session.

“The more that household and other energy needs can be met through renewable sources, the closer we as a country will come to meeting the 2030 target.”

During the 90-minute session, William Hinds, Head of the Energy Conservation and Renewable Energy Unit in the Ministry of Energy; Aidan Rogers, 2nd Vice President of the Barbados Sustainable Energy Cooperative Society; Stacey Hem Lee, Manager, Retail Services (Broad Street and Independence Square) Republic Bank; and Randy Graham, CEO of Massy Insurance, will discuss the importance of renewable energy adoption at the family level, as well as ways that households can both make and protect their investments.

They will also explore how financial institutions can work with customers to increase and advance the transition to renewables. A householder who has already made the investment will also share his experience, both in terms of functionality and cost savings.

Given the nature of the topic, participation in this session, which is part of the annual Domestic Financial Institutions Conference series of events, will be extended to persons outside the sector. Anyone contemplating investing in a renewable energy system or simply keen to learn more is encouraged to register to attend.

Interested persons can register on the Bank’s website at centralbank.org.bb.

Central Bank of Barbados

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