The Barbados Renewable Energy Association (BREA) in partnership with the Deutcshe Gesellschaft fur Internationale Zussamenarbeit (GIZ) GmbH hosted on Tuesday October 24th, 2017 from 9:00 am-4:00 pm at the Marriott Courtyard Hotel a consultative workshop for the insurance and financial sector on climate change risk management for the renewable energy sector.
The workshop was held having recognized that, the Integrated Climate Risk Management (ICRM) program approach acknowledged, the Barbados Disaster Risk Management Strategy, implemented through the Department of Emergency Management has comprehensive. However, understands that not all risks can be entirely avoided through the phases of prevention, preparedness, response and recovery. The remaining residual risk, after risk reduction efforts, can be addressed using risk transfer mechanisms, such as insurance.
Given the exposure of the Caribbean region to natural hazards, such an approach is not only timely but relevant. With Barbados beginning its energy system transition by integrating more renewable energy sources, it is important to ensure that the existing and future energy generation, transmission and distribution infrastructure is climate resilient, not only across interventions at the utility scale, but at a national scale which also includes households and small medium sized enterprises.
The workshop which was part of the GIZ Integrated Climate Risk Management (ICRM) and Transfer Program sought to inform workshop attendees on the ICRM Program and its approach which is based on the Enhanced Disaster Risk Management Framework for energy systems, while secondly, gathering the necessary input from the financial, insurance and energy sector stakeholder representatives in attendance on what is required in the build out and development of a supporting framework, which encourages the growth and development of the local renewable energy sector in Barbados.
Workshop participants therefore had the opportunity to participate in the robust working group sessions which formed a core part of the workshop activities. The outputs and information captured during that session will help to inform the follow-up activities and actions to be implemented as a result of the consultative workshop. Equally important were the presentations shared by the workshop facilitators and workshop consultant Mr. Nicholas Grainger as it relates to the preparation of a Climate Change Risk Management Road Map for the Renewable Energy Sector.
BREA is committed to working closely with our project partners GIZ in the implementation of the follow-up activities and actions to be implemented over the coming months in response to this initial workshop event.