'Green' Businesses To Benefit From GEF Project

• Published date: 24 May 2022
• Subject Matter: Energy and Natural Resources, Energy Law, Oil, Gas & Electricity, Renewables
• Law Firm: Invest Barbados
• Author: Invest Barbados

Government has set the ambitious goal of transitioning Barbados into the first 100 per cent carbon neutral island state by 2030.

Minister of Industry, Innovation, Science and Technology (MIST), Davidson Ishmael, said the country was on the cusp of an energy revolution as it looked to phase out fossil fuels for renewable alternatives.

He was speaking at the virtual launch of Climate Launchpad Caribbean's Green Business Ideas Competition 2022, on Wednesday.

"Barbados' transition to a carbon neutral state is critical, not only to ensure that we are aligned with global efforts on sustainable development, but also to leverage new opportunities in the emerging green economy, thus sharpening Barbados' competitive advantage in this area," he pointed out.

He further stated that MIST was collaborating with the United Nations Industrial Development Organization, Export Barbados (Barbados Investment & Development Corporation - BIDC) and the Caribbean Centre for Renewable Energy and Energy Efficiency to implement the Global Environment Facility (GEF) funded project entitled: A strategic platform to promote sustainable energy technology innovation, industrial development and entrepreneurship in Barbados.

Mr. Ishmael said the project would also contribute to the implementation of the National Strategic Plan 2005-2025, which aims at making Barbados a "green circular economy" and the "most environmentally advanced green country in Latin America and the Caribbean".

However, he noted that the realisation of such a vision relied on the speedy transformation of the energy system from fossil fuels to renewable energy and energy efficiency.

"The development of a "clean tech market" requires an equilibrium between the demand for and quality supply of renewable energy and energy efficiency products and services. Most of the current public and international support is focused on creating demand through enabling policies, incentives and concessional finance. However, there is only limited support for the creation of an enabling environment for green businesses and entrepreneurs," the Industry Minister explained.

He said the GEF project would focus on strengthening the supplier-side and development of associated value chains and business models.

As it stands, Mr. Ishmael noted that Barbadian clean-tech businesses and start-ups would continue to face barriers related to policy and regulatory frameworks, knowledge, capacity, access to research and development and quality...