As higher global oil prices continue to worsen the economic woes of Caribbean Community (CARICOM) member countries, a disclosure has been made to the effect that the World Bank will be partnering with the United Kingdom and Canada in pursuit of a geothermal operation in the island territory of St. Lucia.
The disclosure, made in the regional media just over a week ago, while holding out no hope of any short-term respite in the country’s energy challenges, at least points to the possibility of a more promising energy future.
The relatively low key announcement that the international partnership will be probing the energy prospects of the tiny Caribbean island, comes as much of the region continues to make public the consequences of high energy prices arising from its heavy reliance on costly oil imports, alongside mounting concerns associated with the increased use of fossil fuels.
The announcement of the initiative says that the World Bank is partnering with UK’s Foreign, Commonwealth & Development Office, the Canada Clean Energy and Forests Climate Facility, and the Climate Investment to probe the island’s geothermal prospects.
A report on the initiative states that what it describes as the Renewable Energy Sector Development Project (RESDP) involves “concessional, multi-partner financing in support of St Lucia’s goal of 7 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 St. Lucia.”
The initiative has attracted positive comments from the World Bank’s Caribbean Director, Lilia Burunciuc, who is quoted as saying that “the impact of high fuel expenditure on Caribbean economies cannot be understated.’
The World Bank official is also quoted as saying that “exploring geothermal potential in St Lucia gives the country the ability to build its energy independence, increase resilience and reduce the environmental impact of greenhouse gas emissions.”
