$300 million for new renewable energy projects in the islands including geothermal
In early February, Richard Branson, founder of Virgin Records, Virgin Airways, and now Virgin Galactic, leveraged his star power to convene a three-day meeting of dignitaries from 13 Caribbean nations including the Virgin Island, St. Kitts & Nevis, Turks & Caicos and the Cayman Islands. While enjoying both Necker Island and Branson’s neighboring Moskito Island, they discussed the costs of powering their island homes and the economics of switching over to clean, green renewable energy.Working with The Carbon War Room (an anti-carbon group he co-founded) as well as the energy experts at the Rocky Mountain Institute, Branson is promoting something called the 10 Island Renewable Challenge. The idea is to get the island nations of the Caribbean to switch away from diesel. The argument is simple: going carbon-free won’t just help keep the air clean and reduce greenhouse gases in the atmosphere — it will save lots of money too.
To help the cause, Carbon War Room and RMI have worked with the World Bank and the U.S. Overseas Private Investment Corporation to earmark $300 million for new renewable energy projects in the islands.
One of the best ideas for the very long term is for these islands to tap their enormous and endless domestic energy opportunity: geothermal. Most of the islands in the eastern Caribbean were formed by volcanic action. The volcano on Montserrat erupted violently in 1997, killing 19. Because they are located close to the boundaries of two tectonic plates, the islands have plenty of natural volcanic heat that they could tap at relatively shallow depths. Already Iceland Drilling Company, based in the world’s capital of geothermal energy, is reportedly working on exploratory geothermal projects in Dominica and Montserrat. Projects are also being drawn up for Nevis and St. Vincent.
In time each of these islands could be powered by steam turbines running on virtually endless supplies of cheap energy harnessed from the Earth’s own internal furnace.
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