In Barbados, energy production relied exclusively on fossil fuels just a decade ago, with no clear lines of action to enhance the use of renewable energy and energy efficiency. From 2012 to 2017 the IDB supported the country in addressing this gap through the Sustainable Energy Investment Programme (BA-L1020). The project supported the design and implementation of a government initiative, known as the Smart Fund, which employed financial instruments and technical assistance to support investments in renewable energy and energy efficiency to help reduce the country’s fossil fuel dependency, promote sustainable energy supply, and reduce carbon emissions.

By the end of 2017, renewable energy installed capacity represented approximately 10 percent of total installed capacity in the country. The $10 million in Smart Fund investments are expected to yield energy savings of greater than $21 million over their 20-year useful life and will avoid an estimated 87,945 tons of CO2 emissions. This project formed part of the IDB’s broader support to Barbados in establishing a national energy policy and driving toward its goal of 100 percent renewable energy by 2030. For more information, visit the Project Completion Report.