VIP Promises Private Investments In Renewable Energy

Melissa Edwards, Senior Journalist | February 22, 2019 7:48 am AST | 0 Comment
Melissa Edwards, Senior Journalist
February 22, 2019 7:48 am AST | 0 Comment
Photo Credit: Provided
Photo Credit: Provided
Renewable energy will be one of the focus of a Virgin Islands Party (VIP) government, where licenses will be fast tracked for companies willing to invest in the sector.

“A VIP government will also encourage private investments in the renewable energy sector – and licenses will be fast tracked for companies that can help us introduce alternative energy sources such as solar and wind,” Hon. Andrew Fahie, Chairman of the VIP said.

“In addition to the economic benefits of beginning to make the transformation, a new work sector will be developed – that can afford up to 75 jobs in the initial stages,” he stated.

The VIP leader also spoke also spoke about climate change, pointing out that a new VIP government will actively engage with the international organizations and groups in the promotion of climate change adaption and resilience.

He said that there is international funding available that can help in climate adaption, and help the BVI develop projects related to resilience.

Against this backdrop, the VIP will appoint a Climate Change Officer—a high skilled technical and project proposal person that will ensure that the BVI gets its fair share of that type of funding.

Hon. Fahie said that the VIP estimates the BVI can benefit up to $80 million dollars in grant funding through such mechanisms – money that can go into financing such things as the development of proper drainage; the building of retaining walls to avoid slippages; help secure critical infrastructure, facilities and communities, including fishing facilities; as well as build resilience in such sectors as tourism, insurance and banking.

He outlined that an Adaptation Strategy is an economic policy and political necessity because it will be a framework for managing future climate risks, prioritizing and coordinating action.

“It offers the potential of reducing future economic, environmental and social costs.”
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