Project “Strategic Platform to Accelerate Sustainable Energy Technology Innovation, Industry Development and Entrepreneurship in Barbados”.

Thursday, September 24, 2015

The Ministry of International Business and Industry (MIBI), the United Nations Industrial Development Organization (UNIDO), the Barbados Investment & Development Corporation (BIDC) and the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE) are jointly implementing the Global Environment Facility (GEF) funded project  “Strategic platform to promote sustainable energy technology innovation, industrial development and entrepreneurship in Barbados”.

The project contributes to the implementation of the National Strategic Plan 2005-2025 which aims at making Barbados a “green circular economy” and the “most environmentally advanced green country in Latin America and the Caribbean”. The realisation of this vision depends on a rapid transformation of the energy system from fossil fuels to renewable energy and energy efficiency. The large-scale deployment of clean-tech products and services requires a significant strengthening of productive and innovation capacities of the domestic private sector. 

However, in business-as-usual scenarios Barbadian clean-tech businesses and start-ups continue to face barriers related to policy and regulatory frameworks, knowledge, capacity, access to R&D, quality infrastructure and finance. Moreover, there exists only very limited coordination and cooperation within the sector. Therefore, the GEF project will strengthen private sector capacities in sustainable energy technology areas with high GHG emission, market and value creation potential. It will contribute to make the clean-tech industry an important value-creating pillar of the industrialisation and modernisation aspirations of the Government.

Particularly, the project will:  

  • establish a public-private platform for regular policy dialogue to promote coherent demand and supplier oriented cross-sectoral policies, regulations and incentives;
  • establish a physical sustainable energy and climate cluster hub which provides businesses with communication and networking space, start-up support (e.g. co-working and maker space, incubation services, common marketing/branding), as well as capacity building;
  • strengthen the cluster members by establishing a funding window which provides grants and concessional loans for the commercialization innovative business ideas and industrial up-grading;
  • promote networking and joint ventures between the cluster members and entrepreneurs, investors, venture capitalists, financiers in the Caribbean, other SIDS, internationally (incl. the diaspora);
  • contribute to the creation of qualification and certification frameworks for personal, equipment and services and provide targeted training to current and future members of the cluster;

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