St. Lucia is now exploring the viability of geothermal energy. This is being done through a partnership with the World Bank, the United Kingdom’s Foreign, Commonwealth & Development Office, the Canada Clean Energy, and Forests Climate Facility, and the Climate Investment Fund (CIF).
The Renewable Energy Sector Development Project (RESDP), launched on Thursday in Soufriere, applies concessional, multi-partner financing in support of St. Lucia’s goal of seven percent reduction in greenhouse gas (GHG) emissions by 2030, through geothermal exploration and the strengthening of the legal and regulatory framework for clean energy integration in the island.
“The impact of high fuel expenditure on Caribbean economies cannot be understated. In 2020, St Lucia’s fuel imports accounted for 4.4 percent of GDP and we cannot overlook the utility of channeling these funds to other critical sectors, for example, into education and health Lilia Burunciuc, World Bank’s Director for the Caribbean.
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“Exploring geothermal potential in St. Lucia gives the country the ability to build its energy independence, increase resilience and reduce the environmental impact of GHG emissions.”
RESDP will facilitate the de-risking of exploration drilling which in turn enables private investment into subsequent stages of geothermal power development, toward climate change mitigation and improved energy security.
“The current global energy predicament should serve as a telling reminder to all stakeholders, including the government, to hasten the transition away from fossil fuels, towards renewable sources of energy for St. Lucia. And so, we are here today to make some progress in that area, with the clear intention to move this project forward, to shape the country’s future economic prospects”, said Prime Minister Philip J. Pierre, during the project’s launch event.
Likewise, Corin Robertson, UK Director General for Africa, Latin America and the Caribbean lauded the project’s potential while connecting the project to global initiatives.
“The UK is proud to support geothermal exploration in St Lucia and elsewhere in the Caribbean. This project has the potential for major reduction in energy costs and transformational potential for economic development in the medium to long term,” she said.
The World Bank said the strong renewable energy – including, solar and wind energy – and energy efficiency potential of St. Lucia and the wider Caribbean presents significant prospects.
CMC/
