The National Fuels Policy of Bermuda has been approved and is available for the public to review.

It provides guidelines the Bermuda Government would like to see to direct the island’s fuels sector towards “affordable and sustainable” energy in the future.

In a vision for the year 2035, the policy seeks to increase the share of low-carbon fuels — such as biofuel and natural gas — to account for 57 per cent of Bermuda’s fuel mix. It also aims to increase energy conservation to 20 per cent of current consumption, and to reduce greenhouse gas emissions by 25 per cent.

The fuels policy document compares two scenarios for 2035, one being a “business as usual” with no change to Bermuda’s present fuel mix, and one that delivers the goals of greater use of low-carbon fuels, energy efficiency and reduced greenhouse gases.

The business-as-usual outcome would result in the island consuming a total of 5,978,149 MMBtu (million British thermal units), while the policy’s outcome would see the island consume only 4,302,529 MMBtu.

The policy defines fuels as “materials that are burnt to generate energy for electricity, transport and stationary use”. It was created in response to public concern over the high cost of imported fuels and an increased understanding about how they impact the quality of health and the environment.

In a statement, the Government said that “in time, the fuels sector will be guided by regulations for fuels pricing, standards for reliable maintenance and operation of critical infrastructure and transparency for fuels procurement”.

Walter Roban, Minister of Transport and Regulatory Affairs, said: “The National Fuels Policy marks a shift away from heavy carbon fuels, towards low-carbon fuels which are better for the environment. The emphasis on energy efficiency and fuel conservation is part of the Government’s transition towards a clean energy future.”

The goals of the policy are to safeguard fuel security; ensure fuels are least cost; guarantee public safety; promote environmental sustainability; foster economic growth; ensure affordability; and increase administrative effectiveness.

Separate and coincidental to the approval of the National Fuels Policy, the Regulatory Authority of Bermuda’s Integrated Resource Plan consultation process is ongoing. The consultation deadline’s extended deadline is August 17.