分类： business

Barbados is poised to revolutionize its energy landscape with the launch of a pioneering project aimed at providing discounted compressed natural gas (CNG) to motorists. Spearheaded by Dr. Legena Henry, founder of Rum and Sargassum Inc., the initiative is set to debut in March 2026, offering significant fuel savings to taxi drivers and the general public while promoting cleaner energy alternatives. The project will feature mobile refuelling units strategically positioned across key locations, including the ABC Highway and Bridgetown. Initially targeting 100 taxi operators, the service will later expand to the wider public. Vehicles will be retrofitted with dual-fuel kits, enabling them to run on both petrol and biogas. Dr. Henry, a clean energy researcher at the University of the West Indies, Cave Hill, revealed that the CNG will initially be sourced from the state-owned natural gas supplier, with plans to transition to biogas derived from sargassum seaweed and agricultural waste. Taxi drivers will benefit from a 40% discount on CNG, with further reductions anticipated once sargassum biogas becomes available. The project has already garnered significant interest, with 35 customers signed up and a waiting list in place. Dr. Henry emphasized the project’s scalability, noting the potential to serve thousands of customers. The mobile refuelling stations, equipped with fast-fuelling technology, will allow vehicles to refuel in just three minutes. Customers will receive a swipe card for seamless transactions, with billing handled monthly. The initiative also aligns with broader efforts to address the sargassum seaweed problem through a $186 million bioenergy project, set to produce renewable natural gas (RNG) by April 2025. This public-private partnership aims to generate revenue, create jobs, and reduce foreign exchange expenditures, marking a significant step toward sustainable energy in Barbados.

The Barbados Co-operative and Credit Union League Limited has firmly defended the upcoming Deposit Insurance Bill, asserting that it will provide essential protections for over 240,000 credit union members. The legislation, which has been in development for over a decade, aims to safeguard members’ deposits in the event of institutional failure. General Manager Tracia Pounder emphasized that the bill offers insurance coverage of up to $25,000 per member, ensuring financial security for savers. Despite the League’s strong endorsement, concerns have emerged from smaller credit unions, which argue that the new requirements could impose significant challenges. A board member from a smaller credit union, speaking anonymously, revealed that many institutions were caught off guard by the Financial Services Commission’s (FSC) communication of the pending legislation, leading to confusion and fear. These smaller entities, often operating on thin margins, face difficulties meeting the bill’s profitability and equity criteria. Pounder acknowledged these concerns but highlighted the FSC’s ongoing remediation efforts to assist credit unions in achieving compliance. She stressed that the bill is designed to protect members, not burden institutions. Following the League’s annual general meeting, President Kemar Cumberbatch described the bill as a milestone in ensuring parity with commercial banks’ deposit protections. He emphasized that the legislation aims to build trust and responsibility within the credit union sector, safeguarding members’ life savings. While the debate continues, the League remains committed to advocating for member protection and encouraging public awareness of deposit insurance benefits.

Barbados is witnessing a remarkable resurgence in its pig farming sector, driven by a concerted effort to reduce reliance on imported pork and enhance domestic sales. The Barbados Pig Farmers’ Association has reported a significant increase in membership, with numbers more than doubling as producers unite to strengthen their market position. This growth is fueled by government-backed financing, innovative product development, and an influx of younger farmers under 30 joining the industry.

Barbados is taking proactive measures to ensure a steady supply of eggs and poultry products during the upcoming Christmas season and tourism peak. Chickmont Foods Limited, the island’s largest poultry producer, plans to import 360,000 eggs next month to address potential shortages. This decision was confirmed by Stephen Layne, President of the Barbados Egg and Poultry Producers Association (BEPPA), during the Barbados Agricultural Society’s annual general meeting held at the Radisson Aquatica Resort in St. Michael. Layne emphasized that the importation of a 40-foot container of eggs is essential to meet the heightened demand during the festive period and the winter tourism surge. Despite a similar shipment arriving just two months ago, the move underscores the importance of maintaining supply stability. Layne highlighted the preference for inter-regional trade, with eggs being sourced from Trinidad and Tobago (T&T). He also noted that the Ministry of Agriculture has implemented necessary precautions to mitigate risks associated with global bird flu concerns. In addition to eggs, four containers of frozen poultry meat were recently imported to support fast-food operations, which were facing stock shortages. Layne expressed optimism about the recovery of domestic poultry production, citing improvements in the industry following setbacks such as the collapse of a Chickmont poultry house and the decline of Star Chick. However, he acknowledged that temporary imports remain crucial to meet the dual pressures of high local consumption and increased demand from the hospitality sector. The upcoming shipment, expected in November, is projected to fulfill national demand through the first quarter of 2024. Layne also reported stable poultry meat supplies heading into the festive season, expressing hope that the main hatchery will maintain its current production levels.