{"id":54698,"date":"2021-08-04T16:35:18","date_gmt":"2021-08-04T20:35:18","guid":{"rendered":"https:\/\/www.carilec.org\/?p=54698"},"modified":"2021-08-04T16:35:18","modified_gmt":"2021-08-04T20:35:18","slug":"world-bank-approves-us21-9-million-to-fund-geothermal-energy-exploration-in-saint-lucia","status":"publish","type":"post","link":"https:\/\/carilec.org\/world-bank-approves-us21-9-million-to-fund-geothermal-energy-exploration-in-saint-lucia\/","title":{"rendered":"World Bank Approves US$21.9 Million to Fund Geothermal Energy Exploration in Saint Lucia"},"content":{"rendered":"

PRESS RELEASE\u00a0JULY 28, 2021<\/p>\n

\"\"<\/p>\n

WASHINGTON, July 28, 2021 \u2013\u00a0<\/b>The World Bank Board of Executive Directors approved today US$21.9 million for the\u00a0Renewable Energy Sector Development Project\u00a0<\/b>for Saint Lucia. This grant financing will help the Government of Saint Lucia assess the viability of its geothermal resources for power generation and strengthen the business environment for the private sector to pursue clean energy projects.<\/p>\n

\u201cThis project will help the country evaluate how geothermal energy can contribute to the country\u2019s national energy mix. Clean energy from geothermal sources can improve electricity system reliability and reduce the cost of oil imports. Transitioning to renewable energy would also decrease the country\u2019s vulnerability to the volatility of fuel markets.\u201d said\u00a0Lilia Burunciuc, World Bank Country Director for the Caribbean.<\/b>\u00a0\u201cThe future development of geothermal energy, informed by the activities financed by this project, will translate into lower electricity costs for households and businesses.\u201d<\/p>\n

High electricity prices in Saint Lucia are an impediment to economic competitiveness and growth.\u00a0<\/b>Over 55 percent of firms identify the high cost of electricity as a major constraint to doing business in Saint Lucia. While electricity is supplied reliably, the country remains almost completely dependent on expensive imported fuels for diesel-based generation. Securing clean and resilient energy will also help the country to achieve a green economic recovery, in line with Saint Lucia\u2019s Economic Recovery Resilience Plan.<\/p>\n

The project will support exploratory drilling, capacity building, technical assistance, and market engagement. The project will also prepare women for employment for technical jobs within the energy sector by giving them access to educational programs and employment opportunities.<\/b><\/p>\n

This project is financed by the Canada Clean Energy and Forests Climate Facility, the United Kingdom\u2019s Foreign, Commonwealth & Development Office, the Clean Technology Fund, as well as funds from the International Development Association (IDA). IDA financing is interest-free with a maturity of 40 years, including a grace period of 10 years.<\/p>\n

 <\/p>\n

Twitter: @WBCaribbean<\/p>\n

YouTube: http:\/\/www.youtube.com\/worldbank<\/a><\/p>\n

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Contacts<\/h4>\n

Kingston<\/h5>\n
Charmaine Wright<\/h5>\n
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+1 876 960-0459
\n<\/span><\/div>\n

cwright2@worldbank.org<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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PRESS RELEASE\u00a0JULY 28, 2021 WASHINGTON, July 28, 2021 \u2013\u00a0The World Bank Board of Executive Directors approved today US$21.9 million for […]<\/p>\n","protected":false},"author":165,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16],"tags":[4198,4208,4203,4199,4211,4206,4197,4207,4202,4209,4196,4195,4201,4213,4212,4204,3665,4194,4200,3490,4205,4210,4193],"class_list":["post-54698","post","type-post","status-publish","format-standard","hentry","category-news","tag-lowerelectricitycosts","tag-canadacleanenergy","tag-capacitybuilding","tag-cleanenergy","tag-cleantechnologyfund","tag-educationalprograms","tag-electricitysystemreliability","tag-employmentopportunities","tag-exploratorydrilling","tag-forestsclimatefacility","tag-geothermalenergy","tag-geothermalresources","tag-greeneconomicrecovery","tag-ida","tag-internationaldevelopmentassociation","tag-market-engagement","tag-powergeneration","tag-renewableenergysectordevelopmentproject","tag-resilientenergy","tag-technicalassistance","tag-technicaljobs","tag-unitedkingdomforeigncommonwealthdevelopmentoffice","tag-worldbank"],"acf":[],"aioseo_notices":[],"featured_image":"https:\/\/carilec.org\/wp-includes\/images\/media\/default.svg","month_date":"Aug","day_date":"4","_links":{"self":[{"href":"https:\/\/carilec.org\/api\/wp\/v2\/posts\/54698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carilec.org\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carilec.org\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carilec.org\/api\/wp\/v2\/users\/165"}],"replies":[{"embeddable":true,"href":"https:\/\/carilec.org\/api\/wp\/v2\/comments?post=54698"}],"version-history":[{"count":0,"href":"https:\/\/carilec.org\/api\/wp\/v2\/posts\/54698\/revisions"}],"wp:attachment":[{"href":"https:\/\/carilec.org\/api\/wp\/v2\/media?parent=54698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carilec.org\/api\/wp\/v2\/categories?post=54698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carilec.org\/api\/wp\/v2\/tags?post=54698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}