Honduras Aims to Lead the Way in Alternative Energy Production September 19, 2006
Roatan, Honduras As fuel and energy costs rise, Honduras is looking to cut costs and address energy deficits. The nation also seeks to become a front-runner in the production and use of alternative fuel sources. A highly useful plant species referred to as African Palm may be the solution. African Palms grow easily in Honduras' tropical climate. Oil extracted from the trees can be used for everything from cooking to fueling automobiles.
This morning, local media report that the Honduran government plans to establish a new fund to impulse agriculture. If the law is passed, some $47 million could be allotted for African Palm production. Honduras already boasts an environmentally friendly biodiesel plant and a history of production-state officials calculate that Honduras produces some 9,000 gallons of biodiesel a day. The goal is to increase that to 200 million gallons a day. There are immediate plans to use the alternative fuel produced. In northwestern Honduras, the village of El Progreso will be among the first to benefit, as some 2,500 homes in and around the town will be powered with energy from a nearby plant. As of yesterday, September 18, buses in the capital city of Tegucigalpa must ensure that 5% of the fuel they use is biodiesel. The government intends to extend the requirement to buses in San Pedro Sula and La Ceiba within a matter of weeks. Next year, the minimum amount of biodiesel will be upped to 20%.
In order to prepare the nation for further initiatives, the Honduran government has also approved important tax exemptions on biodiesel production equipment and manufacturing. For example, all machinery used in production will be tax-exempt for 15 years and manufacturers will receive a two-year tax holiday. Best Regards, Ron & Janine Goben
International Living / Honduras P.S. If you are still on the fence about Honduras, why not plan a spontaneous trip to La Ceiba today? Our Live & Prosper in Honduras Seminar will take place from September 25-27, and the subsequent real estate tours will be our most exciting yet. There is still room, if you would like to join us. * Dollar amounts quoted are based on an exchange rate of Honduras Lempiras (HNL) to United States Dollars (USD) as follows: 1 HNL = 0.0529339 USD.
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