Minister of Finance Christopher Sinckler has put forward a proposition to insurance companies to invest in the renewable energy sector on the island.
He issued the challenge on Tuesday night as he delivered remarks during the inauguration of the Cheapside, St Michael branch of the Pan American International Corporation Life Insurance company.
Noting that government was currently spending approximately $800 million on the importation of fossil fuel for electricity, Sinckler said there needed to be an “energy transition”.
He added that while real estate continued to be “the most important real asset investment” for investors, there were numerous other options, renewable energy being one of the most beneficial.
“The transition in the energy sector to increasing use of energy sources in Barbados is creating new prospects for investment in real asset,” he said, while listing some of the renewable energy options.
“The sector is largely still new territory. For you in the insurance industry, given the cost connected to Renewables, this would represent an excellent opportunity for investment. And I would want to take this opportunity to recommend it to you,” he said. (MM)
