BVC August 2016 - page 15

Business View Caribbean - August 2016 15
CDB Board Approves Energy-Saving
Project in Antigua-Barbuda
The board of directors of the Caribbean Development
Bank (CDB) has approved funding for a project that will
replace approximately 14,400 high pressure sodium
and mercury vapor street lamps with high-efficiency
light-emitting diode (LED) lamps.
Through the installation of these lamps, the street light
retrofitting project aims for an annual reduction in An-
tigua and Barbuda’s street lighting energy consump-
tion by 4,900 MWh, and in carbon dioxide emissions
of 3,200 tons by the end
of 2019.
The initiative is being
supported by CDB fi-
nancing of US$5.9 mil-
lion and a contribution
of US$905,000 from
the government of An-
tigua and Barbuda and
the Antigua Public Utili-
ties Authority.
“CDB is committed to
supporting our borrow-
ing member countries’
investments in energy
efficiency and renewable energy. Financing for this
project will help the Government of Antigua and Bar-
buda reach its goal of reducing energy consumption of
public facilities by 30 percent by 2025, as outlined in
its National Energy Policy,” said Daniel Best, director
of projects, CDB.
In addition to reducing energy consumption and the
emission of greenhouse gases, the project aims for an
annual reduction of 250,000 imperial gallons of die-
sel and heavy fuel oil imports by 2020.
The national fuel bill in Antigua and Barbuda repre-
sents as much as 12 percent of gross domestic prod-
uct, and 40 percent of the fuel supply is used to gen-
erate electricity. Antigua and Barbuda also has the
highest per capita consumption of electricity of all
Eastern Caribbean states. Electricity consumption by
the government of Antigua and Barbuda, including
street lighting, accounts for approximately 11 percent
of nationwide consumption which equated to approxi-
mately US$37 million in 2014.
The project supports CDB’s 2015-2018 country strat-
egy for Antigua and Barbuda, which identifies reduced
energy costs and cleaner energy as a key outcome.
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