St. George’s, Grenada – In an attempt to fully utilise the geothermal energy potential of the country Grenada’s has secured a £10 million funding from the UK government.
By utilising the geothermal potential the nation will be able to reduce its Reliance on imported fuel. Besides, power generated from geothermal sources will be cheaper in cost and will benefit local businesses and citizens.
This announcement has been made by UK Minister for Latin America and the Caribbean, Baroness Chapman, after meeting with Grenadian Prime Minister Dickon Mitchell in St. George’s on December 11, 2024.
Grenada will utilise this funding to explore the places that can have geothermal potential. The country will be conducting drilling at various locations to a certain the geothermal potential of these religions. Once viability for setting up geothermal projects is established, the country will be setting up plants to generate cheaper power.
The country is also planning to rope in private investors in these projects.
Many parts of the Caribbean have been found to have the potential for setting up geothermal power plants. These power plants cannot only bring down the cost of power by reducing the dependence on fossil fuel but can also help in bringing down emission of greenhouse gases. These plants will also add to the energy security of the nation.
Grenada is hoping to generate at least 55% of total electricity generation through geothermal processes. The country is presently dependent on diesel to meet its power demand.
Baroness Chapman said, “the possibilities of generating power from geothermal energy are used for the Caribbean nation.”
Prime Minister Dickon Mitchell said that UK’s partnership with Grenada for the green energy project will have long term positive results for the Caribbean nation.
“The funding provided by the UK will help our country to become self-reliant as far as energy needs are concerned while ensuring that our country generates clean power,” the Prime Minister said.
The dependence of the Caribbean Nations on fossil fuels puts a heavy burden on the financial health not only of the nation but also of the households.
The Prime Minister said that the majority of the funding will go into exploration for geothermal energy. Once the potential has been established private investment will be invited in this sector.
Starting from 2015, the UK has invested £19.3 million in renewable energy programs across six Caribbean nations. These include Antigua and Barbuda, Dominica, St. Vincent and the Grenadines, St. Lucia, and Grenada.
Baroness Chapman said through these initiatives the UK was doing its bit in dealing with the climate crisis.
