The UK has introduced a £10 million funding bundle to help Grenada’s Geothermal Power Improvement Venture.
Throughout a gathering in St George’s, UK Minister for Latin America and Caribbean Baroness Chapman unveiled the funding geared toward exploring Grenada’s geothermal power potential.
The funding will help essential useful resource testing, together with drilling exploratory wells to evaluate the viability of geothermal electrical energy technology.
“This funding will assist Grenada scale back its reliance on fossil fuels and transition to a extra sustainable, regionally sourced power future,” Baroness Chapman acknowledged. She emphasised that the challenge would decrease power prices for households and companies whereas lowering carbon emissions.
Grenadian Prime Minister Dickon Mitchell expressed gratitude for the UK’s help. “This funding will permit us to evaluate the geothermal potential of Grenada and take additional steps in direction of constructing a clear, sustainable, and extra inexpensive power system,” he stated.
The funding addresses a essential problem for Caribbean nations, which presently rely closely on costly imported fossil fuels. The common Caribbean shopper pays double the electrical energy charges of these in the US, creating a major financial burden.
If profitable, the exploration might unlock potential for a geothermal energy plant that might displace 55% of the nation’s electrical energy technology from diesel, enhancing power safety and lowering prices for residents and companies.
This funding builds on the UK’s earlier £19.3 million funding in renewable power initiatives throughout six Caribbean international locations since 2015.
The challenge aligns with the UK’s dedication to championing a low-carbon future and supporting world efforts to restrict world warming, as outlined within the Paris Local weather Settlement.