|Public Sector Smart Energy Program|
Public Sector Smart Energy Program
As part of the drive to reduce Barbados’ dependence on fossil fuels, enhance security and stability in energy supply, improve the economy’s competitiveness, and enhance environmental sustainability, the Government of Barbados has established a Public Sector Smart Energy Program (PSSEP) which is designed to promote and implement the use of viable Renewable Energy (RE) and Energy Efficiency (EE) measures in the public sector.
The PSSEP complements the Energy SMART Fund Project, which supports the achievement of the objectives of the Sustainable Energy Framework by private businesses and households in Barbados through a package of economic instruments targeting SMEs to address the main market failures that prevent the country from adopting RE and EE. Consequently, both the private and public sectors of the country will be actively contributing to the achievement of the overall objective of reducing the country’s fossil fuel dependency.
The PSSEP is funded by two (2) of Barbados’ Development Partners – the Inter-American Development Bank (IADB) and the European Commission (EC). The IADB has provided resources of US$17 million (approximately BDS$34 million) under a loan agreement (Loan No. 2748/OC-BA), while the EC has provided Grant resources in an amount of €5.81 million (approximately US$ 7.664 million) under the 10th European Development Fund. The Grant resources are being administered by the IADB under Non-reimbursable Financing Agreement No. ATN/CF-13316-BA.
Components of the PSSEP
The PSSEP is comprised of three (3) major components as follows: