The business sector warns that up to 90 million dollars in renewable energy projects remain in limbo due to a lack of battery storage and sees a need to urgently address the matter.

President of the Barbados Chamber of Commerce, James Clarke, tells Starcom Network News, that with Middle East conflict threatening to send oil prices spiraling upwards, there is increased urgency to fix the issues that have stalled Barbados’ plans for a major shift to renewable power.

The Barbados Bankers Association has previously said that there are hundreds of millions of dollars in potential renewable energy projects which commercial banks are willing to fund but which are stalled due to the battery storage challenge.

Mr. Clarke says tens of millions of dollars have already been invested in renewable energy projects which are now held up.

He says that global events make this especially critical.

President of the Barbados Chamber of Commerce, James Clarke.