BREA highlights opportunity in renewable energy

Fri, 10/14/2016 - 12:00am

 

INVESTMENTS in this country’s Renewable energy sector represent a major opportunity for the transfer of significant wealth among Barbadians.
 
That’s the view of Aidan Rogers, President of the Barbados Renewable Energy Association (BREA), as he discussed the strides the country continues to make in that area, and the forthcoming conference of BREA scheduled for November 10-11.
 
“It is the greatest opportunity for significant wealth transfer since colonisation in Barbados,” Rogers indicated in an interview with The Barbados Advocate.
 
Saying that he stands by those comments, the BREA President said that the $400 million plus that this country spends on importing fossil, this sector – Renewable Energy – offers Barbadians to make the capital investment and retain that figure on an annual basis in the economy.
 
Rogers said that BREA is committed to finding the right structure and investment strategies that average Barbadians who cannot dream of affording opportunities to invest in this sector, to make it a reality.
 
“If we can have this wealth remaining in the economy, it can provide additional income for health care, tertiary education, and a host of other macroeconomic development opportunities,” according to him.
 

The BREA official noted that inspite of the bumps, Barbados has made significant strides in crafting activities committed to the development of the sector. 

 

He reasoned Renewables are now cost effective and the country has to change what it was doing for the last 100 years in relying on almost 100 per cent fossil fuel, and going the renewable energy route.

 

According to him, “we have to now craft strategies that are workable without destabilising the economy. Government earns a lot of revenue from the importation of imported oil for transportation and the generation of electricity.”

 

Rogers maintained however that to make the transition to Renewables, Government still has to determine how it will make up for the revenue shortfall especially given the country’s fiscal position. “It is not going to be simple, seamless, structural and pragmatic manner. There will be bumps along the way as you would have seen the last five years, but it is all a question of engagement, drawing from global experiences,” he told The Barbados Advocate.

 

As to the conference, Rogers said the two-day event will be about learning from other countries and making Barbadians fully aware about what is happening.

“Barbados is one of the leaders in the Caribbean in terms of renewables, since a lot of steps have been taken in the country over the last five years,” Rogers added.

 

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