LONDON, Nov. 12, 2021 /PRNewswire/ -- The Commonwealth of Dominica is taking its mission for climate resilience one step further after signing a Memorandum of Understanding with a local green energy company to develop the island's geothermal potential. This latest move endorses the island's commitment to championing sustainability ? one of the many objectives outlined in the United Nations' Sustainable Development Goals.
The signing, which took place between the Climate Resilience Executive Agency of Dominica (CREAD) and Kenesjay Green LTD, was announced during the ongoing COP26 conference happening in Glasgow, Scotland. The partnership will aim to identify investment opportunities particularly in areas such as renewable energy and carbon neutral hydrogen as well as harnessing the island's significant geothermal energy.
"This signing complements the work that Dominica is doing with the support of the Green Climate Fund (GCF) in developing green industrial projects as a major diversification effort and sustainable economic development for Dominica," said Francine Baron, the CEO of CREAD.
"CREAD will work with Kenesjay Green Limited to expeditiously position Dominica to take advantage of its vast geo-thermal resources and growing global market interest for new eco-friendly products such as green hydrogen."
As world leaders and activists continue to encourage discourse on climate action in the context of COP26, countries like Dominica are already proving that they are doing their part to tackle the crisis. Despite contributing very little to global emissions, the island has unfortunately already faced the consequences associated with global warming and climate change with little to no international support.
Minister Cozier Frederick represented the island at COP26, where he bought attention to the lack of climate finance offered to small island developing states (SIDS) like Dominica.
"SIDS have high level of debt distress. Primarily linked to responding to climate impacts and currently there is no viable long-term debt reduction strategy. Yet still, SIDS are receiving less than 2% of all climate finance. Almost all the energy biodiversity targets for the last decade were missed."
"Hurricanes are becoming more frequent and more intense. Dominica and other small islands are seeking new opportunities. This lies in decarbonisation and renewable energy technologies and more sustainable forms of tourism and digitisation of the economy."
Following Hurricane Maria in 2017, Dominica pledged to become the world's first climate resilient nation. This mission has seen Dominica already explore its geothermal potential with the construction of a plant anticipated to begin soon. Furthermore, the island has ensured that infrastructural developments are rooted in sustainability and resilience. This means buildings, from homes to hospitals, are built to withstand weather disasters. The same can also be said for Dominica's tourism sector which has witnessed a green revitalisation, bolstering the island's offering with boutique environmentally sensitive villas and resorts.
Much of this has been made possible due to Dominica's own resources ? notably, its Citizenship by Investment (CBI) Programme. The programme has been pivotal to generating foreign direct investment which has been channelled into the country's national development. In exchange, investors gain the nation's citizenship including its many benefits from increased travel freedom particularly to global business hubs, a second home in a stable democracy with ties to economic giants like the United States and the ability to pass citizenship down for generations to come.
SOURCE CS Global Partners
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