Loop News- As Bermuda moves to become less reliant on fossil fuels for power generation, Deputy Premier Walter Roban said the territory is willing to explore all of the green technology and innovations available and in development to achieve their goals.
Speaking at the Island Finance Forum 2023 Opening Session, Roban said Bermuda, like many other small island communities across the world, is on the frontline of feeling the effects of climate change and have been doing their part to become environmentally sustainable even though it is not major contributors to the problem.
Bermuda wants to have at least 85 per cent of its power generated from renewable sources by 2035.
“We understand that much of the technology that is already available can help the world and certainly island communities reach much of our energy goals. But if we are going to by 2030 and 2035 substantially decarbonised power generation [and] by 2050 reach net zero, a lot more technology is required globally and for our islands,” Roban stated.
Roban, who is also the Minister of Home Affairs, said the island is on the path to achieving goal of 21 megawatts of solar energy by 2035.
Bermuda is also looking to deploy turbines that uses waves to generate electricity as part of a pilot project.
“If it can be [feasibly utilised], it will be part of our energy mix,” he said.
While small island governments can plan all of these novel and eco-friendly projects, Roban stressed that funding them are beyond their financial capabilities.
“That finance doesn’t exist within our islands in the amount that is required. The global community is required to be part of the picture and it’s going to mean deploying innovative financing tools”.
Walter Roban noted that he’s inspired by programs like the Barbados Declaration that are innovative in their methods of approaching public and private sector organisations to fund green and sustainable projects.
He urged small island governments and institutions to be proactive and create an environment in their respective countries that is positive for potential eco-investors.
