Barbados climate change, energy transition roadmap reaches US$1bn

Barbados’ climate investment plan to build resilience and support the energy transition through 2030 is estimated at US$1bn.

The IMF highlighted the proposed spending and the government’s target of 100% renewable energy by that year in its latest report for the Caribbean nation.

“Renewable energy sources (mainly solar energy) covered about 12 percent of Barbados’ energy needs in 2022, up from about 9 percent in 2021,” said the international lender, adding, however, that there is a need to increase grid capacity to absorb and store offtake from renewables.

The document also points to proposed regulatory reforms related to feed-in tariffs and battery storage, and a new electricity supply bill to improve competition and introduce local participation in renewable energy investment.

The roadmap includes the creation of a “Blue-Green Investment Corporation” to support climate-related projects, added the report, available here (also in the Documents box in the upper right-hand corner.)

This year, the World Bank approved a US$100mn loan to support Barbados’ migration to a green economy and IDB greenlighted technical cooperation funds to advance the island’s electromobility push.

Also read IFC and IDB Invest Partner with HDF Energy and Rubis to Develop First Green Hydrogen Power Plant in Barbados and Householders’ Right To Renewable Energy Policy Now In Operation in Barbados