Private investment is essential to increase renewable energy generation capacity, Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib has said. The Minister made the remarks while speaking at the Corporate Maldives CEO Summit held at Hotel Maldives as part of Corporate Maldives’ Bizweek.
Speaking at the summit, the Minister said while the Maldives is an island nation, generation of energy via renewable means must be prioritised. He noted that water and sewerage services are already being provided using micro-grids and renewable energy, with the assistance of the Chinese government.
Highlighting the government’s efforts to generate electricity from renewable energy, the Minister said once the solar project currently being implemented in Vaadhoo, Raa Atoll, reaches completion, the island can be fully powered by renewable energy. He added that the government aims to transform other islands of the country in a similar way, adding that private investment is necessary to do so.
"I believe we need to encourage the private sector to invest in this sector, particularly in generating power through renewable energy. If we encourage that, I believe renewable energy technology can be significantly enhanced," the Minister said.
Speaking on the tourism sector, the Minister said renewable energy generation has not been adequately represented within the sector. The Minister stressed that the industry must be encouraged to invest in the renewable energy sector.
"I believe the tourism sector needs to grow to achieve the President's vision of a net-zero economy by 2030. I believe this goal can be achieved with the help of tourism investors," he added.
Corporate Maldives' Bizweek is a business-to-business networking event designed to promote businesses, increase collaboration and connect professionals from other fields. It aims to create a platform for discussion, collaboration and networking within the business community. Biz Week officially kicked off with the CEO summit, bringing together government officials and private sector leaders to discuss ways to further strengthen the Maldives’ economy.
During the summit, Corporate Maldives' new application and website were also introduced. According to Corporate Maldives, the application and website are designed to increase digital access to business information and networking resources across the country.