BA-T1057 : Expanded Support for the Sustainable Energy Framework for Barbados (SEFB) and Development of New Technologies: Energy Storage, Electric Mobility, Ocean Thermal Energy Conversion (OTEC) and Deployment of Renewable Energy
Project Status: Closed
This Technical Cooperation will continue to support the implementation of the Sustainable Energy Framework for Barbados (SEFB). The SEFB is a comprehensive framework aiming to unlock viable investments in Renewable Energy (RE) and Energy Efficiency (EE) to reduce energy costs, reduce dependency on imported fossil fuels, improve energy security, promote an enabling legal and regulatory framework for the deployment of RE and EE, and enhance environmental sustainability. Two loan operations currently under execution are an integral part of the SEFB (BA-L1012 and BA-L1025), and one operation under preparation BA-L1043 Sustainable Energy Investment Program II. The Public Sector Smart Energy (PSSE) (BA-L1025) program aims at replacing all street lights in Barbados with energy-saving lamps and retrofitting government buildings to generate energy savings, and The Deployment of Cleaner Fuels and Renewable Energies in Barbados (BA-1012) operation has the objective to enhance Barbados' energy security and sustainability by diversifying its energy matrix through promoting the use of cleaner fuels for power generation including Natural Gas, and increasing the use of Renewable Energy (RE) sources. This TC will also support the execution of the Smart Fund II (currently under preparation) (BA-L1043) which has a main objective to expand the financial instrument designed and implemented under (BA-L1020) to support small businesses acquire state-of-the-art RE and EE equipment,, promote electromobility, the applicability of energy storage, and institutional strengthening. These operations have been and still are an integral part of the government's strategy to reduce its dependency on imported fossil fuels for electricity generation and turn to a sustainable energy matrix.This TC will contribute to the execution and evaluation of the Smart Fund and the execution of the PSSE.