Saint Lucia World Tender

As Caribbean consumers face high energy prices due to a heavy reliance on costly and volatile fossil fuel imports and with projected increased climate vulnerability the World Bank partners with the United Kingdoms Foreign Commonwealth Development Office the Canada Clean Energy and Forests Climate Facility and the Climate Investment Fund to explore geothermal viability in Saint Lucia.The Renewable Energy Sector Development Project RESDP launched today in Soufriere applies concessional multi-partner financing in support of St Lucias goal of 7 percent reduction in greenhouse gas GHG emissions by 2030 through geothermal exploration and the strengthening of the legal and regulatory framework for clean energy integration in St. Lucia.Commenting on the new project Lilia Burunciuc World Banks Director for the Caribbean said The impact of high fuel expenditure on Caribbean economies cannot be understated. In 2020 St Lucias 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.RESDP will facilitate the de-risking of exploration drilling which in turn enables private investment into subsequent stages of geothermal power development toward climate change mitigation and improved energy security.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 countrys future economic prospects said Prime Minister of Saint Lucia the Honorable Philip J. Pierre during the projects launch event.Likewise Corin Robertson UK Director General for Africa Latin America and the Caribbean lauded the projects potential while connecting the project to global initiatives. She said The UK is proud to support geothermal exploration in St Lucia and elsewhere in the Caribbean. This project has the potential for major reduction in energy costs and transformational potential for economic development in the medium to long term. It is fitting that in the last week of the UKs COP Presidency we are part of a launch that showcases the efforts Caribbean SIDS are taking to adapt to climate change and improve resilience.The strong renewable energy including solar and wind energy - and energy efficiency potential of Saint Lucia and the wider Caribbean presents significant prospects. In response to Caribbean needs and global agreements World Bank continues support of climate and energy initiatives with its Caribbean programmes in these areas closely aligned to the Banks Climate Change Action Plan.