Sunday, March 3, 2024

$26m boost for energy fund

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Barbershops, salons, minimarts and other small businesses can now access funding to upgrade their businesses into energy-smart and energy-efficient facilities, thanks to the European Union and the Inter-American Development Bank.

The two international agencies together made available BDS$26.2 million to the fund to allow small and medium-sized business to get financing to invest in a range of sustainable energy products such as solar photovoltaic systems; solar water heaters; small wind systems; electric-powered transportation; LED lighting; and inverter air conditioning units.

This was revealed yesterday at a press conference at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St Michael, to launch phase two of the Ministry of Energy and Business’ flagship programme called the Energy Smart Fund initiative.

Deputy permanent secretary of the Ministry of Energy and Business Debra Dowridge said Barbados was depending too heavily on fossil fuels and in 2019 the island spent $728.1 million on importing oil products, which was $16 million more than what was spent in the previous year. (SB)

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