Prime Minister Dickon Mitchell in talks with UK Minister for Latin America and Caribbean, Baroness Chapman. (photo CMC)
ST GEORGE’S, Grenada (CMC) – Grenada’s government has welcomed a commitment by the British government to spend £10 million to support the country’s goal of climate resilient and sustainable electricity generation.
London said that the funding aims to reduce Grenada’s reliance on expensive imported fossil fuels and lower energy costs for businesses and citizens.
It said that the new funding adds onto UK’s £19.3 million investment in renewable energy initiative across six Caribbean countries to promote greener, more affordable energy solutions.
“We are grateful for the UK’s support in advancing our geothermal exploration project. This funding will allow us to assess the geothermal potential of Grenada and take further steps towards building a clean, sustainable and more affordable energy system for our country,” said Prime Minister Dickon Mitchell, adding “we are excited about the possibilities that this project holds for our country’s future”.
The UK Minister for Latin America and Caribbean, Baroness Chapman, in announcing the funding said “it is supporting Grenada’s efforts to reduce its resilience on fossil fuels and transition to a more sustainable, locally sourced energy future.
“The investment in geothermal energy will not only help to lower energy costs for households and businesses, but will also lead to lower carbon emissions, an essential step in tackling the climate crisis we all face.
“This is an important part of the UK government’s commitment to supporting the Caribbean region in its journey towards green energy adoption and climate resilience,” she added.
London said that the investment comes at a crucial time, with Caribbean countries being heavily reliant on expensive imported fossil fuels to meet their energy needs, and the average Caribbean consumer paying double the rate of those in the United States.
It said that the economic burden of these imports hinders their growth and resiliency efforts, leaving nations such as Grenada vulnerable to external shocks.
London said the financial commitment will help to alleviate this dependency, allowing Grenada to move towards a more sustainable, cost-effective and locally sourced energy solution. Geothermal energy has vast untapped potential but the high upfront cost of exploring and testing for geothermal resources continues to deter private investment. As a result, public investment is essential to kickstart these projects.
“The £10 million investment will fund critical assessment of the geothermal resource testing including drilling rotary exploratory wells that can considerably increase the chances of successful exploration.”
The British government said successful exploration could unlock the potential for private sector investment in a geothermal power plant, which has the potential to displace 55% of the country’s total electricity generation from diesel, enhancing energy security and resulting in lower tariff for businesses and citizens.
“The UK continues to stand by its commitment to be a global champion for a low carbon future with climate, nature and clean energy at the heart of UK foreign policy. Partnerships like this will drive progress on the global ambition needed to keep global warming to no more than 1.5 degrees as called for by the Paris Climate Agreement.”
The UK said it has already provided £19.3 million to the renewable energy programme in the Caribbean since 2015, which has directly supported renewable energy and energy efficiency initiatives in Antigua and Barbuda, Dominica, St Vincent and the Grenadines (SVG), St. Lucia and Grenada.
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Publish date : 2024-12-13 02:50:00
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Publish date : 2024-12-13 16:15:39
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