LONDON, March 09, 2022 (GLOBE NEWSWIRE) -- As part of efforts to build a climate-resilient nation and reduce its dependence on fossil fuels, the Government of the Commonwealth of Dominica has unveiled new developments on its geothermal power plant project.
In February, Dominica signed a USD12.5 million contract with an Iceland-based company to drill two wells. “We signed the contract with the Iceland Drilling Company and they will be coming to Dominica later this year to drill two new wells,” said Dominica’s Minister of Climate Resilience, Vince Henderson.
At a geothermal power plant, wells are drilled one or two miles deep into the Earth to pump steam or hot water to the surface. Brimming with hot springs, geysers, and volcanic activity where the Earth is particularly hot just below the surface, Dominica is the perfect location to manifest geothermal energy.
The Prime Minister of Dominica, Dr the Hon. Roosevelt Skerrit has said that the plant would ensure that the country will be powered by renewables, reducing energy costs and carbon emissions while simultaneously creating jobs. The plant is expected to be operational by 2023 and will provide electricity to the French islands of Guadeloupe and Martinique, which in turn will encourage foreign exchange.
To accomplish its mission to power green energy and economy, the government has partnered with donor organisations such as the World Bank, the Caribbean Development Bank, Small Island Developing States, SIDS Dock and the Clinton Foundation. The country’s Citizenship by Investment (CBI) Programme is also providing part of the funding.
Dominica currently has a small power system that relies heavily on diesel to produce electricity. The average price of electricity on the island is amongst the highest in the world, close to US$0.33/kWh and customers are exposed to the volatility of international oil prices.
The geothermal plant will have a substantial and positive impact on the island’s national advancement and the lives of its citizens, said Minister Henderson. “With the commissioning of this plant, we will be in a position to benefit from clean, reliable, low-cost, renewable, high-quality energy supply in the future, which will benefit all sectors of productive activity in Dominica.”
The geothermal plant is expected to significantly lower electricity costs in Dominica and increase the share of renewable energy in the country’s energy mix from 25 per cent to 51 per cent, reducing greenhouse gas emissions by 38,223 tons of CO2 per year.
The government is hoping to use the energy generated to power 23,000 homes with clean geothermal energy, which represents approximately 90 per cent of Dominica’s entire population.
About Dominica’s Citizenship by Investment Programme
Though small in size, Dominica is considered the best second citizenship to invest in, according to an independent study by the Financial Times’ PWM publication. After applicants pass the due diligence checks, citizenship hopefuls then choose to either invest in real estate or contribute to a government fund. The latter is known as the Economic Diversification Fund (EDF), and it sponsors public and private sectors in Dominica that need the financial support or have economic potential.
Each eligible person to become a citizen of Dominica adds at least USD 100,000 to the EDF. If they apply jointly as a family, which is possible under Dominica’s Citizenship by Investment Programme, these contributions amount to USD 200,000 for a family of four and another USD 25,000 for any additional dependents. Ultimately, the money goes towards modernising the local infrastructure, schools, hospitals, and even towards developing thriving industries like tourism and IT.
Successful applicants, often within three months, attain the rights that come with Dominican citizenship, like travel to over 75 per cent of the world, including key business hubs like China and increased business prospects and the ability to pass citizenship on for generations to come.
Considering the flow of foreign investment through programmes like citizenship by investment, Dominica is prepared to set long-term goals that exceed sustainability expectations on a global scale.
Dominica’s sustainability journey
When Hurricane Maria hit Dominica in 2017, it caused damage worth an estimated 220 per cent of its GDP. The majority of the small island’s roads, hospitals and housing sectors were also damaged. However, thanks to international, regional, and internal funds like that of the country’s long-running Citizenship by Investment Programme, Dominica has managed to recover at great lengths.
Since the programme’s inception, foreign investors from across the globe have been attracted to Dominica, from developing regions in Asia to superpowers like the United States. The programme has particularly seen an increase in Americans interested in living an expat life in a secluded destination that has efficiently managed the virus and committed to the environment.
The government of Dominica has allocated a part of the revenue generated from the Citizenship by Investment Programme to fulfil the United Nation’s Sustainable Development Goals by 2030, which include improving marine life, forest management, and youth and women-led grassroots movements for better land stewardship. Additionally, Citizenship by Investment funds have provided a much-needed lifeline in rebuilding, focusing on housing through Dominica’s ‘housing revolution’. The project aims to build over 5,000 hurricane-proof homes across the island for displaced families.
Dominica’s Citizenship by Investment Programme has ranked year upon year as the most well-respected and integral programme globally. The annual CBI Index, an independent study conducted by the Financial Times’ Professional Wealth Management, particularly highlighted the programme’s stringent due diligence, efficient times and affordability. Those who pass the vetting process and are allowed to invest can rest assured that their contribution is channelled towards the betterment of their new home country and the lives of their fellow citizens.
In addition to exploring the benefits of renewable energy, the island’s plastic ban has been in operation for several years. National Geographic described it as one of the world’s most comprehensive plastic bans.
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A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/60ffd51a-20ec-436e-aee9-c84669f4425a
