Roseau: The small island country of the Caribbean region- Dominica, is at the forefront of the war against climate change despite its zero contribution. The island country has been putting all efforts into lowering its carbon footprint and promoting sustainability.
Moving on the path to achieving the same is constructing a geothermal power plant in the Roseau Valley. The power plant will provide power to around 23,000 homes. An update regarding the same was shared by Prime Minister Dr Roosevelt Skerrit on May 19, 2022 (Thursday).
The update shared by the PM informed about the current development at the geothermal power plant site. PM Skerrit stated that the work is progressing at the perfect pace.
Prime Minister Skerrit has informed that the preparatory works to build two drilling geothermal wells have been ongoing. These geothermal wells will work as catalysts for this project.
The contract to build the two well-pads has been given to the local fire- ACR Engineering Ltd.
Two tanks are also under construction to remove run-off sediments from the well pad before releasing into the environment, as well as a ‘mud-pit’ to manage waste generated from drilling.
A well pad is a relatively flat work area within the geothermal field used for drilling a well. Iceland Drilling Company will undertake the drilling later this year.
While visiting the site on Wednesday, May 18, 2022, Minister for Planning, Economic Development, Climate Resilience, Sustainable Development, and Renewable Energy, Dr Vince Henderson said that the Commonwealth of Dominica has been moving towards achieving the goal of becoming the first climate-resilient country in the world.
Project advancement is in flow at a steady pace, and workers can be seen surveying the nearby site to continue the construction. Expectedly, the project will be complete by 2023. The Geothermal power plant will not only benefit Dominica but will also provide electricity to the French islands of Guadeloupe and Martinique, which will also encourage foreign exchange.
Prime Minister Skerrit has proudly informed that the project has witnessed accelerated developments over the last year as the construction of two wells commenced. Furthermore, he said that the plant will not only power Dominica with renewable sources, reducing energy costs and carbon emissions, but will also provide employment to locals.
As per the government of Dominica, the Geothermal power plant will have a positive impact on the advancement of the lives of the residents of Dominica. It said, “Post commissioning of this power plant, it will benefit the citizens with clean, reliable, low-cost, renewable, high-quality energy supply in the future. Certainly, the project will provide benefit in all sectors of productivity in the country.”
The Geothermal power plant will also reduce the cost of electricity in Dominica. It will also increase the country’s share of the renewable energy mix by more than 25 percent. Another significant benefit of the power plant will be a reduction in greenhouse gas emissions to 38,223 tons of CO2 per year.
The government of Dominica has optimised that the energy produced by the Geothermal power plant will power around 23,000 homes, representing 90 percent of the population.
The mission of building a climate-resilient and green energy economy is being accomplished through funding from the World Bank, the Caribbean Development Bank, Small Island Developing States, SIDS Dock and the Clinton Foundation. Meanwhile, the major funding has been provided through the Citizenship by Investment (CBI) Programme of Dominica.
The country has been focusing on building the world’s first climate-resilient nation after the category-5 hurricane, Hurricane Maria, hit and caused massive devastation in 2017. The CBI Programme has supported all the constructions.
The Citizenship by InvestmentProgramme of Dominica is also funding the majority of the projects in the country. It is also regarded as one of the best across the globe; the CBI Programme has been ranked the world’s best by the Financial Times’ Professional Wealth Management (PWM) magazine in the CBI Index.
The CBI Programme of Dominica has garnered praise for being the fastest, safest, most secure and transparent. Interested individuals can apply for alternative citizenship via two investment options, Economic Diversification Fund (EDF) and Real Estate Investment.
Economic Diversification Fund (EDF) – Investors may apply for alternative citizenship through EDF. The funds generated are utilised in constructing schools, hospitals, and homes and uplifting the sectors like tourism as well as agriculture in the country.
Real Estate Investment – Investors may also apply for alternative citizenship of Dominica by investing in government-approved real estate projects – hotels, spas, and villas.
The CBI Programme has been lauded for its independent third-party due-diligence procedures. The government of Dominica makes sure that each and every application undergoes strict, robust and stringent background checks so that alternative citizenship is granted to the reputed and honest applicant.
The dual citizenship of Dominica may be attained if the applicant qualifies following eligibility criteria:
· The investor should not have any criminal record
· The character of the applicant must be outstanding.
· The applicant’s personal net worth must be high.
· The applicant should not make investments through any foul means.
· The minimum age of the investor must be more than 18 years.
The Citizenship by Investment Programme of Dominica was established in the year 1993 and is one of the longest-running CBI Programmes worldwide.