The Climate Resilience Execution Agency for Dominica (CREAD) has signed a Memorandum of Understanding (MoU) with Kenesjay Green Limited (KGL),
CEO of CREAD, Francine Baron, and Philip Julien, the Chairman of KGL signed the MOU during the Glasgow Climate Change Conference (COP26) in the NDC Partnership Exhibit Presentation area.
The agreement will seek out options for Dominica to harness its approximately 2GW of geo-thermal energy as part of its transition to a low carbon economy.
This is expected to play an important role in a global hydrogen supply change, providing investment returns to partners, while supporting regional and international efforts to net zero.
Under the MOU, CREAD and KGL will form a working partnership to facilitate the collaborative development of Green Industrial Eco Parks (GIEP), green hydrogen production, carbon sequestration, and decarbonising industries.
Baron said, “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.” She further noted that “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. This is an exciting opportunity, and this MOU will help accelerate Dominica’s efforts to be a key regional player in the fight against climate change.”
Julien added, “The world is investing heavily in renewable energy and carbon-neutral hydrogen. We see immense investment potential based on the abundance of Dominica’s geo-thermal energy, enabling many new export industries, and creating green technology jobs. We aim to support Dominica’s green economic diversification in part by using renewable geo-thermal energy. We are excited to be a part of the national development effort of Dominica aimed at building a resilient economic future for its citizens powered by local, green energy, which is good for the planet. Ultimately these investments will further develop the Caribbean regional grid infrastructure through the potential for export of green energy to support the economic development of neighbouring islands, while also utilising the same green energy in-country.”
KGL will serve as a private sector partner and project developer and will work with CREAD to develop identified investment opportunities in Dominica, in collaboration with bilateral, multilateral, and private sector partners. It will conduct a country assessment focused on identifying potential priority investments to accelerate the island’s transition to a low carbon economy.
KGL will pursue, with CREAD, commercially viable investment opportunities based on the utilisation of geo-thermal reservoirs, applying breakthrough clean technology in upstream and downstream applications to generate cost competitive green hydrogen and Power to X opportunities. KGL will also assist in developing the skills and capability needed for the business activity located within the Green Industrial Eco Parks.
Kishan Kumarsingh, the Head of Multilateral Environmental Agreements at the Ministry of Planning and Development in Trinidad and Tobago also attended the signing as a special guest.