High Level Meeting with the Insurance & Financial Sector
On July 16th, 2018 BREA in partnership with the Ministry of Energy, the University of the West Indies Cave Hill Campus, the Deutsche Gesellschaft Fur Internationale Zusammenarbeit (GIZ) GmbH and the Munich Climate Insurance Initiative (MCII) hosted a High-Level meeting with the Financial and Insurance Sector.
The meeting was held to discuss the way forward for the renewable energy and energy efficiency sectors in meeting Government’s 2030 target of becoming the “first 100% green and carbon neutral island state.” Recognizing that the financial and insurance industry will have an important role to play in the development of the renewable energy and energy efficiency sectors. Barbados sole NGO with the mandate to facilitate the growth and development of the renewable energy and energy efficiency sectors, recognized the importance of engaging senior level officials from across the insurance and financial sector, at this juncture of the sector’s development.
Mr. Bryan Haynes, Chief Project Analyst at the Ministry of Energy stated at the high-level meeting, that the transition to “100% renewable energy by 2030 will require significant investment anticipated at a cost of between $2.4 to $3 billion Barbadian Dollars.” At this juncture of the sectors development, it was therefore critical that steps be taken to fully engage the insurance and financial sector. The high -level meeting coordinated by BREA sought to do just that.
The main expected output of the April 16th, 2018 High Level Meeting is an understanding that considerable action needs to be taken to towards the following;
1) The Creation of a Technical Financial and Insurance Sector Working Group Committee
2) The Creation of a Stakeholder Matrix which clearly identifies the roles and responsibilities of all the energy stakeholders in the buildout of a sustainable energy sector and
3) The formalization of a Memorandum of Understanding which commits the sector stakeholders to completion of agreed action outcomes within a specified time period.
BREA looks forward to working closely with all the stakeholders to ensure that the necessary and decisive actions are taken in the implementation of the aforementioned next steps. Please click on the link below to access the presentation and photos from the High Level Meeting Event.