Minister of Environment, Climate Change and Technology Aminath Shauna has stated that the government aims to phase out fuel burning in all sectors. She made the remark at the opening ceremony of the Renewable Energy Investor Conference 2023.
At the ceremony, Minister Shauna said that the Maldives has begun generating electricity from renewable energy to reduce toxic gas emissions, which is one of the most important steps to take in combating climate change. She said that the renewable energy projects have reduced fuel consumption and that the government aims to phase out fuel burning in all sectors. She highlighted the government’s efforts to end fuel burning in transportation, tourism, and waste management, adding that it would increase investment opportunities in these sectors, benefiting the environment and economy.
As such, Minister Shauna detailed that scaling up the Power Purchase Agreement (PPA) model has led to a tariff reduction from 21 cents to 10 cents per kilowatt hour. She also said that the Maldives is reaching 18MW of solar power usage and is prepared to install 56MW of solar power systems.
Also at the ceremony, Minister of Finance Ibrahim Ameer said the fuel price hike following the Russia-Ukraine conflict resulted in the Maldives spending USD208 million on fuel and electricity subsidies in 2022. He said the government has been making efforts to reduce the country’s reliance on fuel, including establishing waste-to-energy plants and using electric buses.
The Renewable Energy Investor Conference 2023 is being hosted by the environment ministry with assistance from the World Bank. Around 120 attendees have joined the third edition of the conference being held in Bandos Maldives Resort. The conference seeks to gain private investment for the government’s renewable energy projects. As such, investors will be provided with information on the government’s plan to make the Maldives a net-zero emission country.
A total of 141 investors have registered to participate in the conference, with 67 joining virtually. The conference will feature presentations by industry leaders such as Swimsol and Ocean Sun, renowned for their successful installation of floating solar systems in the Maldives and other countries. These experts will share their experiences and insights with attending investors. The conference will also focus on providing detailed information about the Accelerating Sustainable Private Investments in Renewable Energy (ASPIRE) and Accelerating Renewable Energy Integration and Sustainable Energy (ARISE) projects. Discussion sessions will also be held for the 10MW solar power system and 16MW floating solar power system projects in the Maldives.