Plan points to injection needed to meet 2040 target
Government’s “ambitious” plan to achieve net-zero carbon emissions while ensuring universal access to reliable and affordable electricity requires an injection of $19 billion by 2040.
That is the estimate of the Barbados Energy Transition And Investment Plan, which expects fuel cost savings of $15.6 billion and the creation of hundreds of jobs under the island’s plan to achieve net zero carbon emissions.
The 76-page plan has been produced by several partners led by the Ministry of Energy and Business and Sustainable Energy for All, an independent entity hosted by the United Nations Office for Project Services.
“Net Zero 2035 would require a total capital investment of $19 billion. However, overall, most of the capital investment required is for the transport sector, with a total of almost $17.3 billion from 2020 to 2040,” it outlined.
“Net Zero 2035 will require 57 per cent more investments cumulatively, but 15 per cent less spending on total system costs compared to business as usual, that is, roughly $8.2 billion less additional financing needs.
“Although the operation and maintenance costs in net zero emissions 2035 are roughly 20 per cent more than those associated with BAU, the fuel cost savings in net zero emissions 2035 greatly outweigh this.”
Pivotal milestone
Minister of Energy and Business Senator Lisa Cummins noted in the document that the Barbados Energy Transition and Investment Plan “represents a pivotal milestone in our nation’s development trajectory [and] charts our course toward energy independence and climate resilience while establishing Barbados as a leader in sustainable development among small island developing states”.
“Our vision for 2035 is both ambitious and necessary: to achieve net-zero emissions while ensuring universal access to reliable, affordable electricity. For Barbados, this transition transcends mere changes in energy sources – it fundamentally reshapes our economy and
society,” she stated.
“The implementation of renewable energy and energy efficiency across our power, transport, industry and building sectors positions us to meet both our development goals and climate commitments.”
Cummins also said the economic case for this transition was compelling.
“While the required investment of $19 billion through 2040 is substantial, it represents a strategic redirection of resources from fossil fuel imports toward building lasting, resilient infrastructure,” she stated.
“This investment will generate approximately 1 500 new jobs above business-as-usual by 2035, creating opportunities particularly for our women and youth in emerging clean energy sectors.
“Through strategic deployment of solar, wind, energy storage and alternative mobility solutions, we are not only addressing climate change but building a more competitive and equitable economy while materially improving the quality of life for all Barbadians.
“The modernisation of our transport system and power grid infrastructure will enhance our economic resilience, energy security and reduce our carbon footprint.”
A major plank of the Barbados Energy Transition And Investment Plan is the attainment of net zero emissions by 2035, meaning a balancing of the amount of greenhouse gases released into the atmosphere by human activities with carbon removed from the atmosphere.
“Net Zero 2035 will be driven by renewables, electric vehicles (EVs), hydrogen, batteries and energy efficiency. To achieve NZE by 2035, a rapid reduction of 67 per cent in emissions between 2025 and 2030 is imperative,” the plan explained.
“Both the power and the transport sectors will play a significant role in contributing to emissions reductions. NZE will primarily rely on renewable energy, energy efficiency and the widespread adoption of EVs.” (SC)
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