UK Commits £10 Million to Accelerate Grenada's Geothermal Energy Development The UK Government has announced a £10 million funding package to support Grenada's Geothermal Energy Development Project, marking a significant step in Grenada's transition to sustainable and climate-resilient energy.
The funding, announced by Baroness Chapman, UK Minister for Latin America and the Caribbean, during her meeting with Grenada's Prime Minister Hon. Dickon Mitchell, will be used to assess the viability of Grenada's geothermal resources. Successful exploration could pave the way for private sector investment in a geothermal power plant, potentially reducing Grenada's reliance on diesel by 55%, cutting energy costs, and lowering carbon emissions.
The funding aims to generate evidence for the viability of geothermal resources in Grenada, enabling the nation to harness this renewable energy source for electricity generation.
Baroness Chapman in her remarks stated. "This investment will support Grenada in transitioning to a more sustainable energy future, reducing reliance on fossil fuels, lowering energy costs, and advancing efforts to tackle the global climate crisis."
Prime Minister, Hon. Dickon Mitchell expressed gratitude for the UK's support, emphasizing its role in building a clean, affordable, and sustainable energy system for Grenada. "We are grateful for the UK's support in advancing our geothermal exploration project. This funding will allow us to assess the geothermal potential of Grenada and take further steps towards building a clean, sustainable and more affordable energy system for our country. We are excited about the possibilities that this project holds for our country's future."
