R K Singh, Union Minister for New and Renewable Energy and Energy, India, assured nation’s full cooperation with Maldives in its efforts to promote renewable energy projects.
While speaking at the Maldives country session during the third global rollover, Mr. Singh said that India has also prioritized having its islands fully on green energy islands. The Energy Minister further said that we have given our islands (Andaman & Nicobar Islands, Lakshadweep) a goal to go totally green, which means that their energy needs must be met by renewable energy.
He also reiterated India as one of the few countries that has met its commitment to keep climate change within 2%. He also said that India has installed around 136,000 MW of renewable energy capacity with an additional 57,000 MW in implementation.
The Minister also reported that India has a strong energy efficiency program under which more than 11 million LED streetlights have been installed, adding: “You will have to work very hard to find a non-LED bulb.” He also said that reducing CO2 emissions with the addition of more green energy resources is a high priority. He also said that Maldives, being a beautiful country, should maintain and enhance its beauty as an attractive tourist destination. Therefore, he said, it is absolutely essential that renewable energy has a central place in the Maldives.
Speaking about adding large renewable energy capacity through open tenders and open competition in India’s renewable energy sector, Mr Singh said that we have not had to invest, adding that investments come from all over the world. We have an established mechanism, he added, to solve problems, removing obstacles in the execution of the project through a group in RE Ministry, payment security, separate / neutral body to decide if there are contractual disputes. All of that has helped, he said. The Minister also said that for us the environment is an article of faith. “Therefore, we are taking measures to reduce our carbon footprints,” he added.
Mr Singh said that our goal now is to reach a renewable energy capacity of 450 GW or 4.50,000mw by 2030. He stressed that renewable energy is a must not only for island states, but also for the world. Everyone has realized that we have to reduce our carbon footprint to preserve the planet. He echoed sentiments that island states / territories are more vulnerable to global warming.
Government of Maldives, stressed the need to reduce dependence on oil imports.
While speaking at the event, Minister Hussain Rasheed Hassan (ME), Government of Maldives, stressed the need to reduce dependence on oil imports. He recognized the importance of renewable energy for his island country, which faces a great threat in terms of adverse climate changes. It also elaborated the investor-friendly measures / policies adopted to promote renewable energy.
Since 2013, the Government of Maldives has proactively pursued renewable energy targets that support strengthening the ecology as well as the economy. Beginning with the Maldives Energy Policy and Strategy 2016 (the “2016 Energy Policy”) which seeks to promote renewable energy in the country and encourage private sector renewable energy development as one of its nine key policies, until the recent Strategic Action National Plan for the Maldives (2019-2023) (SAP), which includes a specific pillar for clean energy with renewable energy targets to increase the share of renewable energy by 20% by 2023.
The opportunity to scale up renewable energy In the Maldives it is immense as it can provide the government with budget relief by saving millions of dollars each year, currently used for diesel imports and subsidies. The signing of the 5 MW PPA under the World Bank’s Acceleration of Sustainable Private Investments in Renewable Energy (ASPIRE) project is a historic moment in the history of Maldives renewable energy. The project is the first of its kind to scale for the Maldives and achieved a tariff of 10.9 US cents, one of the lowest tariffs for a small island developing state (SIDS) like the Maldives and helps them win the First position in trying to achieve your ER goals.
Moving forward, the World Bank is working closely with the Government of the Maldives through the upcoming Accelerating the Integration of Renewable Energy and Sustainable Energy (ARISE) project to achieve its dream of a future free of fossil fuels.