The law is intended to ‘allow more control over how fuel is paid’

Updated – October 14, 2021 07:43 AM

Green Power – Solar panels are among the activities to cut Bermuda’s carbon footprint and reduce the cost of imported fossil fuels (File Photo)

According to Interior Minister Walter Robben, laws are in place to reduce oil prices.

Mr Robben said the island was “bound to weaken” in terms of international prices.

Oil prices have risen this year, leading to an increase in fuel prices this month.

Mr Robben said the government was preparing legislation to “allow for more regulation of how oil is priced.”

It leaves the island more than $ 100 million a year to pay for fossil fuels and fuel for transportation.

“It’s a big expense,” he said. Clearly, if a portion of that money could remain on the island, it would be a more sustainable investment.

Mr Robban said the price of oil needed “further investigation”, adding that “this is not unusual.

Other parts of the work have a regulatory framework for how oil is valued.

He said the upcoming council meeting will include legislation to establish a “control box” for the development of renewable energy industries.

“As we move away from fossil fuels, we are working to reduce the price of fossil fuels through energy policy,” he said.

He said community-based networks allow homes to use the green energy produced by large stations elsewhere.

This means that not everyone should have solar panels on their roofs.

Mr. Robben also pointed to the government’s tax breaks on solar heating technologies.

“Too many” solar panels are being added to government real estate.

Training courses are now being developed to develop a “new renewable energy industry”.

As a country, we need to develop a well-trained workforce capable of installing and maintaining these new solar technologies.

Mr Robban said transport electricity would be “crucial” to cut Bermuda’s carbon footprint and reduce fossil fuels.

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