Friday, October 14, 2016

Caribbean: Green Climate Fund Approves USD 80 Million to Develop 60 MW Geothermal Energy in Eastern Caribbean

GCF Board approves USD 745 million in funding proposals (GCF)

The Green Climate Fund (GCF) has reached a new milestone today with the approval of USD 745 million in funding proposals at its fourteenth meeting. The 10 projects and programs have a total value of USD 2.6 billion, and will help 27 countries across the globe to reduce their emissions and adapt to the impacts of climate change.

USD 80 million was approved for a Sustainable Energy Facility for the Eastern Caribbean with IDB. The program anticipates 60 MW of Geothermal power generation capacity installed in projects facilitated or financed at some stage on Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines.

The document associated with the awards state that Dominica (DOM), Grenada (GRE), Saint Kitts & Nevis (SKN), Saint Lucia (SL) and Saint Vincent & Grenadines (SVG), are Small Island Developing States (SIDS) located in the Eastern Caribbean region, with small and isolated electricity markets, highly dependent on imported liquid fossil fuels for electricity generation. In 2013, the average electricity tariff was very high, at US$0.39 per kWh. Despite the decrease in world oil prices since mid-2014, electricity prices in this region remain relatively high compared with those in USA and other territories.

Geothermal Energy (GE) presents the largest available renewable energy (RE) resource and could provide the lowest electricity generation cost in addition to being the most reliable.

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