World Bank to support geothermal exploration at Saint Lucia, Caribbean

Prime Minister of Saint Lucia, Hon. Philip J. Pierre during the launch event of the Renewable Energy Sector Development Project (RESDP) (source: YouTube screenshot / NCPC St. Lucia channel)

Carlo Cariaga 4 Nov 2022

The World Bank has launched a program that will support geothermal development in the island nation of Saint Lucia through multi-partner financing of exploration and strengthening of the legal and regulatory framework for clean energy integration.

Joining the World Bank in the Renewable Energy Sector Development Project (RESDP) program are UK’s Foreign, Commonwealth, and Development Office, the Canada Clean Energy and Forests Climate Facility, and the Climate Investment Fund.

Although funding for this program was initially approved in 2021, it was officially launched on November 3, 2022 at an event held in Soufriere. As part of the launch, the areas of Saltibus, Belle Plaine, and Fond St. Jacques were cited as potential project locations.

This program will support Saint Lucia’s goal of achieving reduction in greenhouse gas emissions and help the nation reduce its reliance on costly and volatile fossil fuel imports amidst high energy prices and increased climate vulnerability.

“The impact of high fuel expenditure on Caribbean economies cannot be understated. In 2020, St Lucia’s fuel imports accounted for 4.4% of GDP and we cannot overlook the utility of channeling these funds to other critical sectors, for example, into education and health. Exploring geothermal potential in St Lucia gives the country the ability to build its energy independence, increase resilience and reduce the environmental impact of GHG emissions.” said World Bank Director for the Caribbean Lilia Burunciuc.

“The current global energy predicament should serve as a telling reminder to all stakeholders, including the government, to hasten the transition away from fossil fuels, towards renewable sources of energy for Saint Lucia. And so, we are here today to make some progress in that area, with the clear intention to move this project forward, to shape the country’s future economic prospects”, said   Prime Minister of Saint Lucia, the Honorable Philip J. Pierre, during the launch event.

A video of the RESDP launch event can be viewed below:

Source: World Bank