Senior Energy Specialist with the World Bank (WB) Neha Mukhi appraised reporters on the funding mechanisms employed to assist with Saint Lucia’s exploratory drilling for renewable energy sources on the island.
The WB official explained that the international agency was supporting Saint Lucia to develop a “renewable energy resource”, through the works undertaken by the Renewable Energy Sector Development Project (RESDP).
According to Mukhi, the RESDP initiative focuses on; determining the viability of geothermal resources in the country to ascertain whether power or renewable energy can be generated from this resource.
“Its an indigenous resource so it does not require importing anything from another country. It helps build energy security and will eventually help reduce the price of electricity that consumers pay in the country,” she said.
“Additionally,” Mukhi continued. “the project also supports building capacity in the country to develop more renewable energy … (such as) solar (energy) and other forms of energy that needs to be developed.”
She explained that there was also an “equally important” aspect to the project, which focuses on reducing the gender gap in the energy sector.
“Traditionally, in the energy section we’ve seen more male persons employed and through targeted support for technical education, apprenticeship opportunities (within) the project will help build (create) more employment opportunities and technical skills for female employment.”
How does the World Bank’s mission statement and mandate relating to sustainable development fit into this venture, especially coming on the heels of the recently concluded COP28 summit?
“As we have seen the World Bank mission statement is: Ending Poverty and Shared Prosperity,” she stated. “And now that is also being expanded …all of that in a livable planet. So, that comes hand-in-hand with our mission objectives…and living in a sustainable environment and utilizing our resources in a way that both supports our eceonomy and the needs of the people.”
Added Mukhi: “The World Bank is not just financing, it’s also a knowledge bank. In addition to the financing and the resources that the bank is able to bring, there is also a whole lot of knowledge shared from other parts of the world, including knowledge from similar types of economies …similar type of challenges, in terms of climate changes, physical risks or economic challenges to be able to bring the countries together and shared experiences.”
RESDP Project Manager Ken Aldonza noted that the unit also provides scholarships to female students attending the Sir Arthur Lewis Community College [SALCC] in the technical field with the intention of getting these trainees to work in the energy sector.
“Not just (working) at a desk, but actually in the field working. So, we are providing scholarships at Sir Arthur (SALCC), as well,” he said.