Barbados Gets ‘Smart': Fund To Boost 2030 Clean Energy Drive

With the clock running down on Barbados' goal of total reliance on green energy by 2030, a $90 million investment fund has been launched to kick-start carbon-neutral energy projects, under a partnership of two key donors to this country.

The Barbados Sustainable Energy Investment Programme, also known as Smart Fund II is being financed with a $60 million (US$30 million) investment loan from the Inter-American Development Bank (IDB) and a $30 million (US$15 million) investment grant provided by the European Union.

The Energy Smart Fund was first introduced towards the end of November 2011, with financial assistance from the IDB in the amount of $20 million (US$10 million), as part of an agreement for the Barbados Sustainable Energy Investment Programme.