Barbados working to reduce oil import bill

Barbados is looking to reduce its oil import bill by 30 percent over the next two decades, and in the process, have cumulative savings of $US 600 million.

Government officials expect that a new loan approved by the Inter American Development Bank (IADB) for US$70 million loan will help the island reduce its dependence on fossil fuels by diversifying its energy matrix, promoting sustainable energy sources, and supporting power saving efforts.

The operation, the second in a series of two programmatic loans for the sector, will support policy and legislation moves aimed at promoting renewable energies as well as the rational and efficient use of fossil fuels.

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