The World Bank collaborates with the United Kingdom’s Foreign, Commonwealth & Development Office, the Canada Clean Energy and Forests Climate Facility, and the Climate Investment Fund to investigate the viability of geothermal energy in Saint Lucia. This is in response to the fact that Caribbean consumers face high energy prices due to a heavy reliance on expensive and volatile fossil fuel imports.
The Renewable Energy Sector Development Project (RESDP), which was launched today in Soufriere, uses concessional, multi-partner financing to support St. Lucia’s goal of a 7 percent reduction in greenhouse gas (GHG) emissions by 2030, via geothermal exploration and the strengthening of the legal and regulatory framework for clean energy integration in St. Lucia.
Director for the Caribbean at the World Bank, Lilia Burunciuc, commented on the new project as follows: “The impact of high gasoline costs on Caribbean economies cannot be overstated. In 2020, St. Lucia’s fuel imports amounted for 4.4% of the country’s gross domestic product, and we cannot underestimate the value of redirecting these monies to other crucial sectors, such as education and health. Exploration of St. Lucia’s geothermal potential allows the nation to strengthen its energy independence, increase its resilience, and lessen the environmental impact of greenhouse gas emissions.
RESDP will promote the de-risking of exploration drilling, so enabling private investment in following phases of geothermal power generation, thereby mitigating climate change and enhancing energy security.
“The current global energy predicament should serve as a telling reminder to all stakeholders, including the government, to hasten the transition away from fossil fuels, towards renewable sources of energy for Saint Lucia. And so, we are here today to make some progress in that area, with the clear intention to move this project forward, to shape the country’s future economic prospects”, said Prime Minister of Saint Lucia, the Honorable Philip J. Pierre, during the project’s launch event.
Likewise, Corin Robertson, UK Director General for Africa, Latin America and the Caribbean lauded the project’s potential while connecting the project to global initiatives. She said, “The UK is proud to support geothermal exploration in St Lucia and elsewhere in the Caribbean. This project has the potential for major reduction in energy costs and transformational potential for economic development in the medium to long term. It is fitting that in the last week of the UK’s COP Presidency, we are part of a launch that showcases the efforts Caribbean SIDS are taking to adapt to climate change and improve resilience.”
The strong renewable energy – including, solar and wind energy – and energy efficiency potential of Saint Lucia and the wider Caribbean presents significant prospects.
In response to Caribbean needs and global agreements, World Bank continues support of climate and energy initiatives, with its Caribbean programmes in these areas closely aligned to the Bank’s Climate Change Action Plan.
