UK Commits £10 Million to Support Grenada’s Climate Resilience and Sustainable Electricity Generation

Prime Minister Dickon Mitchell in Talks with UK Minister for Latin America and Caribbean, Baroness Chapman

ST. GEORGE’S, Grenada, CMC—The Grenada government has welcomed the British government’s commitment to spend £10 million to support the country’s goals of climate resilience and sustainable electricity generation.

London said the funding aims to reduce Grenada’s reliance on expensive imported fossil fuels and lower energy costs for businesses and citizens.

New Funding Adds to UK’s £19.3 Million Investment in Renewable Energy Initiative

London said the new funding adds to the UK’s £19.3 million investment in a renewable energy initiative across six Caribbean countries to promote greener, more affordable energy solutions.

“We are grateful for the UK’s support in advancing our geothermal exploration project. This funding will allow us to assess Grenada’s geothermal potential and take further steps towards building a clean, sustainable, and more affordable energy system for our country,” said Prime Minister Dickon Mitchell, adding, “We are excited about the possibilities that this project holds for our country’s future.”

UK Minister for Latin America and the Caribbean Announces Funding

The UK Minister for Latin America and the Caribbean, Baroness Chapman, announced the funding: “It is supporting Grenada’s efforts to reduce its resilience to fossil fuels and transition to a more sustainable, locally sourced energy future.

“The investment in geothermal energy will not only help to lower energy costs for households and businesses but will also lead to lower carbon emissions, an essential step in tackling the climate crisis we all face.

“This is an important part of the UK government’s commitment to supporting the Caribbean region in its journey towards green energy adoption and climate resilience,” she added.

Why is this Investment Important?

London said that the investment comes at a crucial time. Caribbean countries are heavily reliant on expensive imported fossil fuels to meet their energy needs, and the average Caribbean consumer pays double the rate of those in the United States.

It said that the economic burden of these imports hinders their growth and resiliency efforts, leaving nations such as Grenada vulnerable to external shocks.

Conclusion

The £10 million investment will help alleviate Grenada’s dependency on expensive imported fossil fuels, allowing the country to move towards a more sustainable, cost-effective, and locally sourced energy solution.

Frequently Asked Questions

Q: What is the purpose of the £10 million investment?

A: The investment aims to reduce Grenada’s reliance on expensive imported fossil fuels and lower energy costs for businesses and citizens.

Q: What is the scope of the UK’s £19.3 million investment in renewable energy initiatives in the Caribbean?

A: The investment has directly supported renewable energy and energy efficiency initiatives in Antigua and Barbuda, Dominica, St Vincent and the Grenadines (SVG), St. Lucia, and Grenada.

Q: What are the benefits of geothermal energy?

A: Geothermal energy has vast untapped potential, but the high upfront cost of exploring and testing geothermal resources continues to deter private investment. Successful exploration could unlock the potential for private sector investment in a geothermal power plant, potentially displacing 55% of the country’s total electricity generation from diesel, enhancing energy security and lowering tariffs for businesses and citizens.