Barbados to reduce fossil fuels

Barbados has created a Fund to finance renewable energy technologies and energy efficiency measures through a US$10 million loan approved by the Inter-American Development Bank (IDB).



The project aims to reduce Barbados’ fossil fuel dependency and promote sustainable energy while reducing carbon dioxide emissions.



The Smart Fund intends to finance the installation of at least 1,000 kilowatts of renewable energy generation capacity and produce savings equivalent to at least 500 megawatt hours per year through efficiency measures by 2014.



As part of the programme, US$9 million will be used to support energy efficiency projects, including rebate mechanisms to upgrade air conditioning systems and the distribution of compact fluorescents lamps.