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.
RE & EE Fiscal Incentives
Generally, it is the goal of the Government to transform Barbados from a fossil fuel based economy to a 100% renewable energy and carbon-neutral island state by 2030. An integral component in achieving these 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.