SUNBIZ

ADB Looks To Invest FJD$760m Towards Fiji’s Renewable Sector

  The Asian Development Bank is looking to invest FJD$760 million towards Fiji’s renewable energy sector over the next decade. The Pacific Update was held at the University of the
24 Jun 2017 11:00
ADB Looks To Invest FJD$760m  Towards Fiji’s Renewable Sector
Speakers during the Pacific Update Fijian Economy plenary discussion at the USP Japan-Pacific ICT Centre on Wednesday, June 21, 2017, from left: Sunil Kumar, Rup Singh and Arif Khan.

 

The Asian Development Bank is looking to invest FJD$760 million towards Fiji’s renewable energy sector over the next decade.

The Pacific Update was held at the University of the South Pacific on Wednesday.

ADB’s Fiji office Safeguards Officer, Taniela Faletau, while presenting said  the bank was only helping put in place the institutional framework to facilitate and deliver this infrastructure.

“Once that is completed, the bank in collaboration with other donor partners and in agreement with Government will shoulder its fair share of the investment.

“In 2015, the Government of Fiji requested assistance to develop the institutional capacity for regulation of Fiji’s electricity sector, and to develop a sector investment planning framework.

“Approved TA comprises two outputs: (i) capacity building for selected regulatory agencies, and (ii) enhanced sector planning capacity at the relevant government department.”

Mr Faletau said the former would provide training and recommendations on legislation to enable this certain agency to discharge its functions appropriately.

The second output, he added, would consist of detailed recommendations for establishing a policy framework that would identify, select, and implement potential energy investment options.

Mr Faletau said Fiji was already 70 per cent renewable on Viti Levu because of the two major hydros.

“It is the rural and outer islands that are off grid that will provide the challenge for Fiji. But it is doable with the proper investment planning that the bank is now providing for Fiji.”

 

Future of renewable energy in Fiji

Mr Faletau said Fiji’s renewable energy future was looking bright.

“Hydro power plays a large role in this and with Fiji now looking to diversify its renewable energy generation needs with the proper regulatory and institutional reforms, it can only getter brighter from here,” he said.

“Apart from the obvious clean energy argument and the global climate change benefits, it is important for Fiji as a natural leader in the Pacific region to be showing the way.

“Should Fiji retract from actively pursuing this initiative, it would be disheartening for the rest of the region. Fiji is quite prominent on the world stage and a champion on these issues for our small Pacific island states, especially with its upcoming role as chair of the Conference of Parties.”

 

ADB’s renewable energy work in Fiji

Mr Faletau said ADB had been working in this space for quite some time now, and a lot of lessons had been learned from trial and error.

“It is now more critical than ever that such infrastructure is accompanied by the necessary soft measures that enable, sustain and provide the longevity and value added that eventually makes such investments successful.

“I’m referring here to capacity building, sector and regulatory reforms, the promotion of public and private partnerships and more importantly the rise of regional approaches to address what is a regional issue.”

This is the thinking behind ADB’s new Pacific Renewable Energy Investment Facility which has an objective to provide a single large scale renewable energy solution with regional stakeholders to ensure that development efforts are well planned and contribute to meeting shared goals.

Feedback:  ivamere.nataro@fijisun.com.fj

 



Five Squares 4th Birthday


Get updates from the Fiji Sun, handpicked and delivered to your inbox.


By entering your email address you're giving us permission to send you news and offers. You can opt-out at any time.


Tower Insurance
FNPF App
Covid 19 - SPC
Fiji Sun Instagram
Subscribe-to-Newspaper