The Board of Directors of the Caribbean Development Bank (CDB) has approved a grant of USD231,630 to the Government of Grenada to build its capacity for planning and implementation of its geothermal energy development roadmap. The resources are from the Global Environment Facility through the Inter-American Development Bank’s Sustainable Energy Facility for the Eastern Caribbean with the CDB.
Successful development of Grenada’s geothermal energy potential holds the greatest prospect for transforming the energy sector. This technical assistance Project will provide the Government of Grenada 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 (GPMU).
The GPMU will provide dedicated resources to pursue the country’s geothermal energy development plan, and support the achievement of exploration drilling. The Ministry of Finance and Energy will implement the Project, which is also consistent with CDB’s Energy Sector Policy and Strategy, and Climate Resilience Strategy.
Tessa Williams-Robertson, Head of the Renewable Energy / Energy Efficiency Unit, CDB noted: “The grant will enhance the Government of Grenada’s own capacity to move realisation of its geothermal energy potential to the next level. Under CDB’s GeoSmart Initiative, appropriate resources have been mobilised and CDB is working with development partners to assist Eastern Caribbean countries in developing geothermal energy where the potential exists.”
Grenada is especially dependent on imported petroleum products to satisfy its growing energy demand. Petroleum products imported in 2014 cost approximately USD67 million, representing seven percent of gross domestic product. The Project is consistent with the 2011 National Energy Policy, supporting the Government of Grenada’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 30 percent by 2025, to which successful geothermal development would make an important contribution.