Business View Carribean l January 2023

13 14 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 1 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 1 Caribbean News Now, First published Jan 04, 2023 Clean energy will thrive in 2023, thanks to a number of countries in Central America and the Caribbean that are now shifting to geothermal energy as their new and added source of power in the coming years. According to data from market analyst BNAmericas , this year will see a huge effort to tap on steam sources, especially in a region that is already experiencing the effects of climate change. “Current geothermal capacity in Central America is led by Costa Rica (263MW), followed by El Salvador (178MW), Nicaragua (153MW), Guatemala (34MW) and Honduras (30MW),” BNAmericas disclosed in their recent report. Chile and Mexico churns out their own geothermal energy, with plants producing 78MW and 976MV, respectively. In the Caribbean, Guadeloupe houses the region’s first geothermal plant, the Bouillante site. It’s the “first of its kind to produce electricity at an industrial scale in France,” with total production increasing to 15 MW. The energy from this plant accounts for 5% of the total electricity generation in the island. Other countries in the region are following suit, with the help of major organizations who have funded most of the geothermal plants being built in a number of islands. In Saint Kitts and Nevis, for example, its geothermal energy development project is being funded by the Caribbean Development Bank, which has allotted the project with US$17mn. The World Bank, meanwhile, has announced its collaboration in November with the UK’s Foreign, Commonwealth & Development Office, the Canada Clean Energy and Forests Climate Facility and the Climate Investment Fund to explore geothermal viability in Saint Lucia. And in Dominica, its geothermal development company is advancing a 7MW project reported to be progressing quicker than expected, “with OPENING L INES CARIBBEAN & CENTRAL AMERICA TO LEAD GEOTHERMAL SHIFT IN 2023—REPORT procurement in place to carry out the social and environmental assessment of transmission lines and substations,” BNAmerica disclosed. Officials in Dominica are hopeful that “the implementation of such a facility will bring significant relief not only in the generation of green clean energy but will add to efforts at improving the socioeconomic standards of the country.” Dominica’s Citizen by Investment (CBI) programme has funded the project, with over 25 million dollars invested on it along with other external agencies. The same programme has also helped Dominica achieve its most significant goals in turning the nation to become the world’s first climate- resilient country. Several projects on housing, healthcare, and education are being funded by the programme, with MMC Development Ltd. overseeing most of these important projects. The private developing company has been trusted by the government for several years now, delivering better homes and facilities to the people of Dominica.