Thursday, February 2, 2017

Caribbean: Finance and Government Policy are the Main Challenges to Geothermal Energy development in the Region

OECS supports Geothermal Energy Development (News Release)

Financing and government policy have been identified as the major challenges to the development of geothermal energy in the Eastern Caribbean. That’s one of the findings of a Survey conducted by the Energy Unit of the Organisation of Eastern Caribbean States (OECS) Commission. The Survey gathered the views of 86 persons involved in geothermal energy, half of whom were based in the OECS Region.

There was clear consensus amongst all survey participants that finance and government policy are the main challenges to geothermal energy development in the region. These were followed closely by competition from other energy sources, and technological issues.

The majority of survey participants would like to see the establishment of a regional mechanism to support geothermal development in the region. The geothermal stakeholders are convinced that such a mechanism would be beneficial to the industry, especially as it relates to policy, legislation, and regulations.