The Barbados National Energy Policy (BNEP) 2019-2030 outlines Barbados’ central vision regarding energy policy and planning and is designed to achieve the country’s transformational goal of becoming a 100% renewable energy and carbon neutral island-state by 2030. As part of this policy, the country will seek to provide and achieve:
- Reliable, safe, affordable, sustainable, modern and climate friendly energy services to all residents and visitors.
- Zero domestic consumption of fossil fuels economy wide.
- Export of all hydrocarbons produced both on land and offshore.
- Maximise local participation (individual and corporate) in distributed renewable energy (RE) generation and storage (democratisation of energy).
- Minimise the outflow of foreign exchange.
- Create a regional centre of excellence in RE research and development.
Recognising the importance of the prudent use of energy resources as a way to ensuring sustainability and a thriving economy, the BNEP also highlights the importance of energy efficiency throughout the various sectors and subsectors in the industry.
However, even as Barbados promotes the development of renewable energy, there are ongoing plans to explore for fossil fuel resources offshore. This patrimony will be pursued aggressively with the view to maximising foreign exchange gains from the export of any exploited hydrocarbons.