30% STAKE UP FOR GRABS

AS Barbados journeys to become 100 per cent renewable energy-dependent by the year 2030, talks are ongoing to create the first Renewable Energy Co-operative in this country.

This proposed Co-op model will allow Barbadians to have a 30 per cent stake in all foreign-owned renewable energy, energy storage and energy-efficient projects as well.

“Renewable Energy Co-op is an excellent mechanism to both empower and enfranchise Barbadians as economic stakeholders in the renewable energy sector,” Permanent Secretary in the Ministry of Small Business, Entrepreneurship and Commerce, Patrick McCaskie said.

He informed the Co-operative Societies meeting at the Lloyd Erskine Sandiford Centre (LESC) yesterday, that Barbados will not be the first country to use the co-operative business model to assist in the generation of energy.

“Barbados is, therefore, following a global trend that continues to evolve, which empowers citizens of their countries to have clean energy as well as to have a stake in the enterprises that generate that energy. Co-operatives that generate energy exist all over the world,” he pointed out.

“The Co-operatives Unit of the International Labour Office (ILO) contends that co-operatives for renewable energy are examples of proactive citizen initiatives aiming for implementation of alternative energy supply models. The ILO indicates that these initiatives not only result in higher shares of renewable energy, but simultaneously represent alternative business models with the individual citizen as main stakeholder and beneficiary, and this consequently challenges the predominant power of large companies that play an active part in the energy sector.”

McCaskie therefore acknowledged that it is possible that this renewable energy co-operative could lead to the creation of employment, including green jobs, at the local level. He also noted that providing affordable and clean energy can lead to the establishment of micro and small enterprises, which will both promote the local economy and increase the overall electricity demand, thereby contributing to improved performance of the energy provider.

“I, therefore, encourage all co-operatives present to invest in the first renewable co-op in your country as we seek to empower and enfranchise our fellow Barbadians in the increasingly viable renewable energy sector.”

Minister of Energy and Water Resources, Wilfred Abrahams, told representatives of the Co-operative movement that if ever there was a time to invest in the renewable energy space in Barbados it is now.

He said that overseas entities have already shown interest.

“People are trying to get in Barbados very quickly to take advantage of the current climate for investment in Barbados.

“But, we don’t want to look at the big businesses only; we don’t want to look at the major conglomerates; we don’t want to look only at people outside with lots of money who can afford to spend it in Barbados. It is the intention that in this new space, a certain percentage of all investments should be to Barbadians,” he emphasised.

“So, how do we enfranchise Barbadians and make entrepreneurs of them, and bring them along on this energy revolution? We do it through the co-operatives, because if you invest, every member on your books is an investor; if you profit, every member on your books should be sharing in those profits.”

Furthermore, the Energy Minister, recognising that many co-operative frameworks are specific as to how they can invest, declared: “If legislative intervention needs to happen to allow the co-operatives to be able to get into this space, then legislative intervention will happen.”

“But, it makes no sense for everybody else to come into Barbados to benefit from what is a fantastic investment opportunity and the average Barbadian cannot benefit because we have tied the hands of the co-operatives,” he said. (TL)