The Caribbean Development Bank has approved a grant of around $231,000 to Grenada for geothermal energy development.
The resources–coming from the Global Environment Facility, through the Inter-American Development Bank’s Sustainable Energy Facility–will go towards the planning and implementation of its Geothermal Energy Development Roadmap.
This technical assistance project will provide the government with consultancy expertise for a period of 24 months.
Consultants will work with the government’s staff through the establishment and operation of a Geothermal Energy Project Management Unit.
The GPMU will provide resources to pursue the country’s geothermal energy development plan and support the practice of exploration drilling.
“The grant will enhance the Government of Grenada’s own capacity to move, realization of its geothermal energy potential, to the next level,” said Tessa Williams-Robertson, Head of the Renewable Energy/Energy Efficiency Unit, in her statement after the Directors’ meeting.
“Under CDB’s GeoSmart Initiative, appropriate resources have been mobilized and CDB is working with development partners to assist Eastern Caribbean countries in developing geothermal energy where the potential exists,” she said.
Grenada is especially dependent on imported petroleum products to satisfy its growing energy demand.
In 2014, the cost of petroleum products imported in 2014 amounted to approximately $67 million.
The project is consistent with the 2011 National Energy Policy, supporting the government’s ongoing efforts to improve the country’s energy security.
The government is also working towards meeting its national target for reducing carbon emissions by thirty percent by 2025, to which successful geothermal development will make an important contribution.
A number of Caribbean countries have explored geothermal energy at some level, from Montserrat to Nevis St. Lucia.
— Dana Niland, CJ Contributor