Caribbean: Green Climate Fund approves USD 80 million to develop 60 MW geothermal energy in eastern Caribbean

Geothermal energy presents a growing opportunity for the Eastern Caribbean to reduce its dependence on fossil fuel imports. Decreases in world oil prices have not been reflected in regional electricity prices in the Caribbean, which remain high at US$0.39 per kWh (2013 price). The Green Climate Fund (GCF) has thus approved US$745 million as part of a $2.6 billion initiative that spans 10 projects and 27 countries globally. In partnership with the Inter-American Development Bank (IDB), the GCF has earmarked $US 80 million for a Sustainable Energy Facility for the Eastern Caribbean; it is expected to generate 6 MW of geothermal capacity. Small Island Developing States (SIDS) that are particularly vulnerable to inflated oil prices will benefit from the GCF initiative, including Dominica, Genada, St. Kitts & Nevis, St. Lucia, and St. Vincent & Grenadines.

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