Invest Barbados hosts renewable energy forum

Invest Barbados hosted a virtual forum recently to inform the public of the opportunities which are available in the fast developing Renewable Energy sector of Barbados for global companies and how the local jurisdiction can work for them.

Mark Hill, CEO Designate, BIDC Industrial Designer and Founder of Innogen Technologies Inc., hosted the forum which consisted of Bryan Haynes, Chief Project Analyst, Ministry of Energy, Small Business and Entrepreneurship; Aldan Rogers, Vice President, Barbados Renewable Energy Association (BREA); Robert Harewood, Electrical Engineer at the Barbados Light & Power and Managing Director, Megapower, Joanna Edghill.

The Government of Barbados has set 2030 as the year when the country will be generating 100% of its energy from renewable energy sources including solar, wind, biomass, tidal and ocean thermal energy generation.

Kaye-Ann Brathwaite, CEO of Invest Barbados, in her remarks during the session, stated that there were many benefits for a tropical island like Barbados. She cited the aim of the Ministry of Energy is for the nation to be energy secure, with a sustainable, vibrant and innovative energy sector.

“Barbados is promoting sustainable energy practices on both the supply and demand side. We are embracing energy efficiency and conservation to reduce our dependence on fossil fuels and to enhance security and sustainability in energy supply, improve our competitiveness and achieve greater environmental sustainability,” said the CEO.

Brathwaite added that as Barbados seeks to diversify the economy by continuing to move towards renewable energy, it will attract foreign investment. Opportunities include investments in renewable energy systems, energy storage and energy-saving devices, said the CEO. She also stated that there were several companies on the island who were oper-ating in the sector and training was available for those who were interested in making a future in the renewable energy space.

“Rewards include a range of incentives and a cadre of local professions. Tertiary training in photovoltaic installation and maintenance are available as it is critical for the development of the sector,” said Brathwaite.

Referencing Barbados being ranked second for competitiveness in Latin America and the Caribbean by the Global Financial Centre Index, the Invest Barbados CEO said that Barbados remained a resilient global financial centre and also highlighted the 64th ranking of 114 countries based on business environment, infrastructure, financial sector development and reputation.

“I share this achievement to underscore that we have built a stable environment, underpinned by transparency and compliance. We continue to offer a warm and welcoming investment climate where innovation can flourish and businesses can grow,” said Brathwaite.

She encouraged those in attendance to understand that investment in the renewable energy sector was an investment in a collective future. (AS)