Thursday, March 28, 2024

Renewable energy way forward, says Worrell

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Implementation of renewable energy solutions offers a chance for some restructuring within the Barbados economy.According to Governor of the Central Bank, Dr De Lisle Worrell, such implementation would create greater job opportunities as well as opportunities for economic expansion in areas which did not exist before.But Worrell cautioned alternative energy will not take firm root in the society unless the economics are right, suggesting that tax incentives may have to be considered if “at the initial stages it turns out that the economics are not yet right”.  He however cited the proposed waste to energy plan as an example of an investment “which creates value added, new capital stock within the economy”, while he said the recyclers had already created new economic opportunities.Worrell was speaking at a Press conference at the Grand Salle at the Tom Adams Financial Centre yesterday during the launch of a workshop on alternative energy to be held in September.BenefitResponding to a question, Worrell pointed to savings in foreign exchange by reducing imports of fossil fuel as an obvious benefit.“But apart from that we should recognise that there are economic opportunities which have already started to be realised by entrepreneurs in this area,” he added. The workshop on September 6 and 7 at the Lloyd Erskine Sandiford Centre, is being planned and executed in collaboration with the Central Bank of Barbados, the Ministry of Finance, Investment, Telecommunications and Energy, the Ministry of  Environment, Water Resources and Drainage  and the Ministry of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce.The idea was born out of last year’s Sir Winston Scott Memorial Lecture delivered by Jeremy Rifkin, who Worrell said “offered provocative suggestions on future strategy for Barbados in the area of alternative energy”.Pooling of ideas“We decided that the next step might be to bring all these ideas, projects, products, skills and information together to try to distil out what is feasible and practical.” Neville Pollard, senior administrative officer with the Central Bank, is co-ordinator of the workshop. He said it aimed at bringing together people involved in ongoing alternative energy projects and projects in the concept stage that might be in need of technical or financial assistance, with others with the resources for financing. An exhibition is also being planned.Representing their respective ministries at the Press conference were William Hinds senior technical officer with the Ministry of Finance, Investment, Telecommunications and Energy; and Ricardo Marshall, projects manager with the Ministry of the Environment, Water Resources and Drainage. (GC)

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