Caribbean:

Geothermal Energy Can Help Caribbean Islands Energy Infrastructure (Energy Digital)

There’s big geothermal potential in the eastern Caribbean.

Dr. Warren Smith, president of the Caribbean Development Bank

Dr. Warren Smith, head of the Caribbean Development Bank, told BusinessGreen that at least $30 billion is needed to update and modernize the Caribbean’s energy infrastructure in order to protect it from extreme weather circumstances. This means there is a lot of potential for local and international companies to launch important projects within the region.

Smith also told BusinessGreen that the constant cycle of borrowing money for repairs needed from extreme weather events is hindering economic growth in the area. Updated renewable energy infrastructure could help break this economic catch-22.

There’s big geothermal potential in the eastern Caribbean.

Smith told BusinessGreen that they could not only reduce their dependency on fossil fuels by tapping into this, but also export energy to other islands. "The other benefit here is that they would be able to build a size of plant that is bigger than what they need for their own market so they would get economies of scale and a lower cost of electricity," he added.

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