British Virgin Islands

Sunday, Dec 05, 2021

Get Ahead Of 'Go Green' Business Opportunities

Get Ahead Of 'Go Green' Business Opportunities

Residents are being urged to put on their entrepreneur hat and get ahead of the business opportunities associated with the government’s go green initiative.
Premier and Finance Minister Hon. Andrew Fahie said government has already set the stage with the passing of the amended Customs Management and Duties Act dubbed the BVI Going Green Initiative back in August.

“For example, we have passed the Go Green legislation and persons supposed to be now thinking ahead and start thinking outside of the box and start looking for different things to offer the visitors and even the residents,” he said on Tuesday October 18 during the Virgin Islands Party (VIP) radio programme.

He continued: “Because electric charging stations, would be areas people starting to invest in. You just need to look at those areas that are unique entrepreneurial and stay ahead of the time and not even be on the cutting edge, but on the...edge of entrepreneurial spirit which is the foundation of a BVIslander.”

The Finance Minister said the COVID-19 pandemic is teaching 'us' that industries are changing, “new opportunities will open. Ao not let us get stuck in how things use to be before COVID and for it to go back there.”

With the go green initiative, government is projecting that it would save residents collectively over $78 million over a five-year time span.

Under the amended Customs Management and Duties Act, the initiative makes provision for residents to make significant savings by adopting or transitioning to green, renewable energy sources such as solar and wind energy and transitioning to electric vehicles.

Premier Fahie previously explained that green renewable equipment, vehicles, boats and transportation in general, solar-powered electric systems, lights, wind-powered electric systems, waste-to-energy (WTE) Powered Electric Systems, hydro-powered electric systems, geothermal powered electric systems, tidal wave energy powered electric systems, biomass energy powered electric systems, energy efficiency systems and the like will be zero-rated for the next two years.
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