Commonwealth of Dominica to continue developing geothermal energy with local company
LONDON, November 12, 2021 / PRNewswire / – The Commonwealth of Dominica goes even further in its mission of climate resilience after signing a memorandum of understanding with a local green energy company to develop the geothermal potential of the island. This latest initiative confirms the island’s commitment to championing sustainability – one of the many goals outlined in the United Nations Sustainable Development Goals.
The signing, which took place between the Executive Agency for Climate Resilience of Dominica (CREAD) and Kenesjay Green LTD, was announced during the COP26 conference taking place at Glasgow, Scotland. The partnership will aim to identify investment opportunities, particularly in areas such as renewables and carbon neutral hydrogen, as well as harness the island’s significant geothermal energy.
âThis signature completes the work that Dominica made with the support of the Green Climate Fund (GCF) in the development of green industrial projects as a major diversification and sustainable economic development effort for Dominica,” noted Francine Baron, CEO of CREAD.
“CREAD will work with Kenesjay Green Limited to quickly position Dominica to take advantage of its vast geothermal resources and the growing global market interest in new environmentally friendly products such as green hydrogen. “
As global leaders and activists continue to push the climate action discourse against the backdrop of COP26, countries like Dominica are already proving that they are doing their part to face the crisis. Although it contributes very little to global emissions, the island has unfortunately already faced the consequences associated with global warming and climate change with little or no international support.
Minister Cozier Frederick represented the island at COP26, where he drew attention to the lack of climate finance available to Small Island Developing States (SIDS) such as Dominica.
âSIDS have a high level of debt distress. Mainly related to the response to climate impacts and there is currently no viable long-term debt reduction strategy. Yet SIDS still receive less than 2% of all climate finance. Almost all of the energy biodiversity targets for the past decade have been missed. “
âHurricanes are more and more frequent and intense. Dominica and other small islands are looking for new opportunities. This lies in decarbonization and renewable energy technologies, as well as in more sustainable forms of tourism and the digitization of the economy. “
After Hurricane Maria in 2017, Dominica is committed to becoming the first nation that is resilient to climate change. This mission saw Dominica already exploring its geothermal potential with the construction of a plant which is scheduled to start up soon. In addition, the island has ensured that infrastructure developments are anchored in sustainability and resilience. This means that buildings, from homes to hospitals, are built to withstand weather disasters. We can say the same for dominica tourism sector that has experienced a green revitalization, strengthening the offer of the island with villas and charming resorts respectful of the environment.
Much of this was made possible by dominica own resources – in particular, its Citizenship by Investment Program (CBI). The program has been essential in generating direct foreign investment which has been funneled into the country’s national development. In return, investors gain citizenship of the country, including its many benefits of increased freedom of travel, especially to global business centers, a second home in a stable democracy with ties to economic giants like United States and the ability to pass citizenship on to future generations.
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SOURCE CS Global Partners