Bridgetown.
Renewable energy will play a major role in the Government's economic policy during the next five years.This was revealed by Governor General Sir Elliott Belgrave during the Thorne Speech yesterday.
Sir Elliott said the centre piece of Barbados economic strategy will be the creation of a Renewable Energy Revolution which will enhance the competitiveness of the productive sectors by reducing energy cost, reducing the fuel import bill, creating new jobs and lowering the cost of living.
The Governor General said the Government will prepare a Renewable Energy Bill to bring into effect budgetary measures introduced in 2012, and establish a $150 million Hotel Refurbishment, Energy Efficiency and Food Production Fund within the National Insurance Scheme Investment portfolio.
Sir Elliott explained that the Fund will prpvide equity financing for investments related to energy efficiency, especially electricity generated from renewable energy sources in the Agriculture, Manufacturing and Tourism sectors.
