The World Bank’s Board of Executive Directors has approved a new project designed to improve energy efficiency and expand the use of renewable energy in public buildings in Guyana, Grenada and Saint Lucia.
A release yesterday from the World Bank said that the US$131.87 million project will partner with the Organization of Eastern Caribbean States and the Caribbean Centre for Renewable Energy and Energy Efficiency to address the region’s energy challenges and lower dependence on imported fossil fuels.
“The Caribbean is highly dependent on imported petroleum products for electricity generation and imports account for around 90% of petroleum consumed, far exceeding the global average of 21%. The region’s aging infrastructure, with 96% of power generation relying on diesel-fired plants, further complicates matters, in addition to small, isolated grids being at risk from hurricanes, floods, and droughts. In Grenada, many generating units will reach the end of their economic life in the next two to four years. Additionally, the cost of rebuilding infrastructure after natural disasters, such as the 6% of GDP spent to restore Grenada’s grid after Hurricane Ivan (2004), highlights the economic burden of these challenges”, the World Bank said.
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