Barbados Government to use IDB loan to upgrade renewable energy sector

The Government of Barbados has announced that it will use a US$10 million loan from the Inter-American Development Bank (IDB), to overhaul its renewable energy sector.



The government says the loan will be used to establish an Energy Smart Fund to promote renewable energy and energy efficiency in the private sector.



Industry and Commerce Minister Donville Innis says both initiatives form part of the government’s overall policy to upgrade renewable and alternative energy for the private, public and domestic sectors.



Innis says the government is seeking to have at least 29 per cent of all electricity consumption in Barbados being produced from renewable energy sources and a 22 per cent reduction in electricity consumption by 2029.



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