One of Barbados’ leading investors in the renewable energy sector is proposing that a global fund be established to help provide financing for small island developing states that are moving away from the use of fossil fuels.
Noting that he has been advancing the idea in the international arena, businessman The Most Honourable Ralph Bizzy Williams declared that the world was in “crisis” and countries that are able to use the sun to produce power all year round should be encouraged to do so.
The ardent renewable energy enthusiast said the reason behind his proposal was the impact of climate change and the use of fossil fuels on the environment.
“I feel the small island developing states in the sun belt of the world who are trying to reduce their carbon footprint should be paid for the carbon that they don’t put into the atmosphere,” he said.
“My rough calculation shows that we should be paid around US$100 per tonne of carbon that we don’t put into the atmosphere. This message has gone as far as President [of the United States Joe] Biden. Whether they will listen and do anything about it is another matter, but the position is that it will produce a significant inflow of foreign exchange for Barbados if we can change our generation of electricity from fossil fuel to renewable energy . . . . It is a no-brainer, really. I have all the facts and calculations done,” he explained.
Williams said that a special fund could be established with one of the international financial institutions into which “developed” countries would deposit their contribution.
“The world is facing a crisis and we all can see it every day. So the governments of the world need to establish it through the World Bank or International Monetary Fund or one of the international institutions, and they have to convince the leaders of the developed world to contribute to this institution to help to stop the annihilation of human species from planet earth by planet Earth,” he said.
“In 200 years from now, God forbid, there may not be any people on this earth if they continue doing what they are doing now because eventually the earth will get rid of the annoyances.”
While Williams’ suggestion is for a fund specifically for the transition to renewable energy by small island developing states, Barbados has been successful so far in leading the charge in convincing the global community of the need for rich nations to help provide a financing mechanism for developing countries that are more prone to natural disasters.
One call was for the establishment of a climate mitigation trust, to be backed by some US$500 billion worth of Special Drawing Rights (SDR) – dues that member countries of the International Monetary Fund (IMF) pay and can be drawn in times of crisis.
France has been the latest developed nation to pledge to increase its reallocation of its SDR to vulnerable countries.
Under the Bridgetown Initiative, Prime Minister Mia Mottley has also been pushing for countries in the Caribbean, Latin America, Asia and Africa to get funds that would help them strengthen defences against the climate crisis and allow for countries to suspend debt payments in the event of a disaster.
Pointing to the devastation that climatic events were having on the planet, Williams warned that “if we continue the way we are going it will become a situation where you can’t live on Earth”.
“So, to avoid that, the human species needs to get together and deal with it and the best place to reduce the carbon footprint is the sunbelt of the world where we make full use of the sun,” he added.
Williams spoke about his funding idea on Tuesday during a press conference at Sky Mall to announce a partnership between Williams Solar and the Barbados Workers’ Union (BWU) Cooperative Credit Union.
That partnership will see the credit union providing loans at favourable terms to members to install solar panels of up to 10 kilowatts while receiving expert support from Williams Solar. (MM)
