Financial literacy key to Barbadians understanding renewable energy benefits

Barbadians need to become more financially literate to be able to unlock the value of investing in the renewable energy sector.

That was the view of Minister of State in the Ministry of Business Development, Sandra Husbands, who told the House of Assembly on Tuesday that although there is room for everyone in the growing alternative energy sector, the average Barbadian still needs to fully understand the benefits.

“It will not only have space for the big businesses with the big bucks that can put down the energy farms, but there is going to be room for people who have some dollars, who want to be able to invest and be a part of that energy revolution,” she said.

“One of the things  is that Barbadians have to understand that they have to learn how to manage risks. That is the only way that they can benefit from the tremendous opportunities which this Government is putting on the table in so many different sectors, is for them to understand how they can better participate and take risks, and one of the programmes that we have put on the ground to assist them in that preparation is financial literacy training.”

Husbands stressed that there were many opportunities for Barbadians to tap into the lucrative sector for financial gain.

“It is going to be one of the most revolutionary things that we will do, that will enable Barbadians to participate and take part in the many opportunities which this government is providing,” she said, adding that this will require “change in our financial literacy, and building people who understand what it is to work together, make money together, invest together, get into co-ops, etc., buy bonds, buy shares, start businesses”.

“If we do not build that culture within the Barbadian personality, what will happen is that all of these wonderful opportunities will emerge and the same people who were getting all of opportunities in the past, will get opportunities in the present and get the opportunities in the future, because we have not changed how we engage the Barbadian space,” Husbands insisted. (SB)