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Plans to save on energy

CAROL MARTINDALE, [email protected]

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Today players in the renewable energy sector have gathered at the Barbados Chamber of Commerce and Industry luncheon at the Hilton Barbados in an effort to identify ways in which to stimulate investment in the sector and reduce the island’s dependency on fossil fuel.
Noting that the Government was currently spending about $844.5 million on fuel imports per year, representative of the Central Bank of Barbados, Ian Collymore said should the island reduce fuel dependency by at least 25 per cent, this could result in savings of up to $200 million per year.
“And of course if oil prices go up, the savings will be higher,” added Collymore.
Those gathered, which include representatives from the Government’s energy division, the Barbados Light & Power Company and the Barbados Renewable Energy Association, as well as financial institutions, will also discuss ways of better utilizing funds available to take advantage of energy efficiency and renewable energy technologies.
The title for this month’s luncheon is Financing Green Solutions. (MM)