Jamaica seeks $8bn in investments for bio-fuel development


Jamaican government is seeking $8bn in investments for the development of the bio-fuels in a bid to reduce dependency on petroleum-based fuel.


Minister of Science, Technology, Energy, and Mining Phillip Paulwell was quoted by Jamaica Observer as saying that the bio-fuel energy source, if developed, could attract investments and create job opportunities.


“I think we are now on the right path to achieving a tremendous investment in this area and $7-$8 billion worth of investment potential is not something that we should be scoffing at and indeed it should be promoted and it is not the Government alone that should be doing this,” added Paulwell.


“We can no longer depend on fossil fuels to meet our energy needs, not least because of the volatility in prices, or the many other factors: geo-political issues in oil-rich nations, the contraction of the number of oil reserves, the seemingly ever-increasing cost and the impact on the environment.”


The government is further encouraging workshops related to bio-fuels claiming that they aid lawmakers to formulate policies to efficiently leverage renewable energy sources.


Meanwhile, Organisation of American States (OAS) has launched two initiatives, the Life-Cycle Assessment and Sustainable Biofuel Development and Legal Preparedness for Sustainable Biofuel Development.


OAS Jamaica representative Dr Joan Neil noted: “These projects are intended to foster fast-paced sustainable development of biofuel in Jamaica.”