Disclaimer: The views and opinions expressed by the author(s) do not represent the official position of Barbados TODAY.
by Michael Ray
As it relates to the Renewable Energy sector, I am heartened that national decision and policy makers have responded in the better interests of Barbadians as a whole and local prospective investors in particular.
When a Minister of government first announced that 30 per cent stakeholding would be reserved for Barbadians, it was clear such a policy was not in the best interests of Barbadians and the Barbadian economy This letter-writer has always maintained that blessed with the likelihood of a sustainable renewable energy sector to power our economy in more ways than one, Barbadians were well positioned to exploit, take control and create a prime and crucial long-term asset of energy security.
It must be clearly understood that quality and quantity of security, be it food , energy or anything else, depend on the ownership and management of the assets and resources that create that security.
There are marked differences in the ways foreign and local assets and resources are utilised and how profits are distributed.
QUESTION: Should the assets and resources creating national energy security be owned and managed by foreign interests? In a small island developing state (SIDS) with a fledgling economy, it is a natural expectation and a foregone conclusion that Barbadians should be rightly facilitated and incentivised to be major stakeholders in God-given renewable energy resources. Barbadians are well poised to be major players in our expanding RE sector.
The millions lying in the vaults of Banks and Credit Unions can provide adequate backing for investments in RE systems.
With the Barbados National Oil Company Limited set to broaden its portfolio, the government should be more than eager to establish a Public-Private Partnership (PPP) under a share prospectus to the public .
Our transition to Republic of Barbados demands that 100 percent policy and decision making must be people-focused and people-centred, just as and no less than Roman citizens of the past had their rights, privileges and responsibilities secured under the legal system of Res republica.
Furthermore, the economic empowerment and enfranchisement of the Barbadian people must be a reality in conjunction with the words of our National Anthem, “……Strict guardians of our heritage, firm craftsmen of our fate”.
