Deputy Prime Minister and Minister for Finance, Professor Biman Prasad say 50 per cent of the country’s electricity is generated through renewable sources while the other is generated through fossil fuels, costing the government a significant amount.
Speaking at the India Energy Week Ministerial Panel, Prof Prasad said this indicated the vulnerability to global price fluctuations, inflation and cost of production, impact on socio-economic conditions, which has a major bearing on the overall economy.
Prof Prasad said that apart from the financial imperatives for energy transition, Fiji is a fierce proponent of decarbonisation and energy transition as it is one of those countries that are feeling the brunt of climate change and from a moral perspective the world needs to move faster with transition to clean energy.
“Fiji is a very small contributor to carbon dioxide; the national priority is to move towards 100 per cent renewable energy,” Prof Prasad said.
The Deputy Prime Minister has also voiced the Pacific unique challenges surrounding decarbonisation, economic growth, collaboration and energy transition including access and cost of financing, challenges associated with geographically dispersion of our islands and transition and vulnerabilities of the decarbonisation in the transport and aviation sector.
Prof Prasad also emphasized that transition can only succeed with adequate financing, strong commitment from the government, state actors and private institutions.