Renewable Energy and Energy Efficiency Fiscal Incentives PDF Print E-mail

In line with many countries, Barbados is promoting sustainable energy practices both on the supply side, mainly using renewable energy (RE) sources and on the demand side, by encouraging energy efficiency (EE) and energy conservation (EC) to reduce the country’s dependence on fossils fuels, enhance security and stability in energy supply, improve the economy’s competitiveness and achieve greater environmental sustainability. Several quantitative goals have been established for the use of renewable energy and energy efficiency.

Generally, it is the goal of the Government of Barbados to achieve 65% of electricity generation from renewable energy sources by 2030 and a 22% reduction in the use of electricity consumption by 2029 as well as the incremental use of ethanol and bio-diesel in the transport sector. An integral component in achieving the policy objectives is the provision of concessions aimed at stimulating, in particular, private sector investment in the energy sector. Such concessions have been extended in a number of Financial and Budgetary statements made by the Minister of Finance, which were subsequently implemented under relevant legislation.

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