Minister of Finance Ibrahim Ameer has stated that the Maldives should take advantage of the growing investments in renewable energy worldwide. He made the remark while speaking at the Renewable Energy Investment Conference 2023.
At the conference, Minister 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 by investing more in renewable energy.
Additionally, Minister Ameer said that International Energy Agency has reported that investments in renewable energy have increased more than investments in oil, reaching USD1 billion this year. As such, he said that the Maldives should take advantage and invest more in renewable energy to reduce the price of electricity and for the benefit of the environment and the economy.
The Renewable Energy Investor Conference 2023 is being hosted by the Ministry of Environment, Climate Change, and Technology 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.