Businesses involved in the renewable and alternative energy sectors should get a significant boost through legislation going before Parliament this month.
An amendment to the Income Tax Act will address incentives to be granted to businesses involved in renewable energy while the new Electric Light And Power Bill will focus on renewable energy.
Minister of Industry Donville Inniss expects the latter will change the landscape of energy provision and use in Barbados.
Speaking on Tuesday at the end of a tour of Paradise Green Energy Inc., a small bio-diesel manufacturing plant at Green Hill, St Michael, Inniss said Barbados could no longer sustain a massive import bill for fossil fuel as he pledged to do more for businesses involved in alternative energy.
“We cannot sustain an $800 million-plus import bill for fossil fuel. More than 40 per cent of what we import goes towards operating vehicles and heavy machinery in Barbados,” Inniss said. This was why Government was continuing “a major thrust” in the area of renewable energy and alternative energy supply in Barbados, he added.
Paradise Green Energy produces bio-diesel from used vegetable oil supplied by householders, hotels, restaurants and small food business operators. Inniss commended managing director Ian Del Castilho for providing an alternative source of diesel.
He said the company’s contribution was significant since more than 40 per cent of Government’s fossil fuel imports went towards filling up at the pump as well as the operation of other machinery.
He added while there might be “no shouting from the housetops” by companies such as Paradise Green Energy, such businesses were helping Barbados to save foreign exchange, creating and maintaining jobs, and providing Barbadians with a more viable and sustainable alternative.
Del Castilho expressed frustration with attempts to obtain permission to purchase diesel so he could combine petroleum with bio-diesel to expand his supply of alternative fuel, for which he was seeing a growing demand. He seized the opportunity to appeal to the minister for assistance.
Inniss promised to take action on the matter. (GC)
