World Bank offers Dominica $27 million for geo-energy

Renewable Energy

(MENAFN – Caribbean News Now) ROSEAU, Dominica – Dominica reached a new milestone in its feat to become ‘the world’s first climate-resilient nation,’ when prime minister Roosevelt Skerrit and the World Bank regional director Tahseen Khan signed a financing agreement earlier this month worth US$27 million.

The World Bank funding, along with sponsorship from the citizenship by investment programme (CBI), Dominica Housing and others, will go towards developing a 7MW geothermal plant on the island.

This will help Dominica diversify its energy mix, increasing its renewable energy share from an already impressive 25 percent to 51 percent. The next steps include selecting contractors, acquiring land and other activities which the government will undertake in the following weeks to see this commitment delivered efficiently.

‘The signing of this agreement is another milestone in our quest to develop the geothermal potential of Dominica,’ Skerrit explained, as he stressed the need to reduce reliance on fossil fuels.

Khan noted that exporting clean energy from Dominica could also serve as a tool to diversify the economy: ‘this is a very important milestone for pursuing the agenda of [the] renewable and demonstrable commitment of Dominica’s goal of becoming climate-resilient.’

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