RENEWABLE ENERGY will be the centrepiece of Government’s economic programme outlined by Governor General Sir Elliott Belgrave in the Throne Speech yesterday.
In the speech, a feature of the opening of a new parliamentary term, the Government committed itself to not only reducing the island’s overall $1 billion fuel bill by $150 million by 2018, but also to using hybrid and electric buses for public transportation.
Prime Minister Freundel Stuart’s administration also plans to amend legislation for energy-related sale and fees, providing a “Rapid Finance” initiative to fast-track financing for homeowners seeking to install renewable energy systems.
It will also continue working with Trinidad and Tobago for construction of a natural gas pipeline to Barbados.
“The centrepiece of Barbados’ economic strategy will be the creation of a renewable energy revolution, which will enhance the competitiveness of the productive sectors by reducing energy costs, reducing the fuel import bill, creating new jobs and helping to lower the cost of living,” Sir Elliott told hundreds gathered in the precincts of Parliament and thousands viewing the proceedings in the Senate, on national television.
 “My Government will therefore immediately prepare a Renewable Energy Bill to bring into effect the relevant budgetary measures of 2012, and establish a $150 million Hotel Refurbishment, Energy Efficiency and Food Production Fund within the National Insurance Scheme investment portfolio.
“This Fund will be mandated to provide equity financing for investments related to energy efficiency – especially electricity generation from renewable energy sources – in the agriculture, manufacturing and tourism sectors,” Sir Elliott said.
 The Government also plans to “immediately embark on an extensive renewable energy electricity generation programme to reduce the operational costs of Government departments and statutory corporations by spearheading the use of renewable energy for electricity generation”.
Noting that the parliamentary term was starting in the midst of the global economic and financial crisis, Sir Elliott said this was a time of increased awareness of the need to source energy other than from fossil fuels, and so green the world economy amid growing concerns about the deleterious effects of climate change.
