The Climate Investment Funds (CIF) governing board has endorsed the Fiji Renewable Energy Investment (REI) Plan to transform energy systems and help enable Fiji’s electricity grid to absorb and channel more clean power.
The REI Plan which represents a first-of-its-kind effort that will channel US$30.51 million to Fiji in highly concessional capital to improve the climate resilience of the existing transmission network, scale clean energy transmission solutions, enhance the flexibility of energy systems, and finance other efforts to make integrating renewable energy more flexible, cost-efficient, and resilient.
Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development & Statistics, Prof Biman Prasad extended his gratitude to Multi-Development Partners (MDB’s) partners — Asian Development Bank (ADB), the World Bank, International Finance Corporation (IFC)—in supporting Fiji with its preparation of the Renewable Energy Integration Investment Plan.
“On behalf of the Government of Fiji, I would like to thank the Climate Investment Funds and the Global Climate Action Programs (GCAP) Committee Members for endorsing our Investment Plan, which aims to achieve Fiji’s long-term strategy on climate action and renewable energy integration.”
The Climate Investment Funds – Renewable Energy Investments program is expected to mobilize more investments from governments, financial institutions, and the private sector, and actively support the achievement of Sustainable Development Goals.
The Climate Investment Funds – Renewable Energy Investment concessional resources will be blended with resources from multilateral development bank partners (ADB, IFC, and World Bank) and private investment to finance projects that will support Fiji’s Nationally Determined Contribution commitment to achieving net zero annual emissions by 2050.
DPM Prasad added that Fiji is highly vulnerable to tropical cyclones, floods, and other climate-related disasters which cause extensive damage to our infrastructure, affect livelihoods, and impose substantial financial bearing on Government’s balance sheet almost every year.
He added that through the CIF Funds and through the identified project, we would like to address key challenges in Fiji’s energy sector modernization, such as its dependence on expensive and volatile oil imports, as well as the need to provide affordable and reliable electricity access to rural communities.