R K Singh, Union Minister of New & Renewable Energy and Power assured full cooperation to the Maldives, the Island nation in its efforts to promote RE projects. While speaking at Country session of Maldives during 3rd Global Re-Invest, RK Singh said, India has also prioritised to have its Islands fully on green energy Islands. Power Minister further said that we have given target to our Islands (Andaman & Nicobar Islands, Lakshadweep) to become totally green, that means their energy needs should be met from Renewable Energy. He also reiterated India as one of very few countries to have met its commitment of keeping climate change within 2%. India has installed about 1,36,000 MW of RE capacity with capacity addition of another 57,000 MW under implementation.
He also informed that India has a robust energy efficiency programme under which more than 11 million LED street lights have been installed, adding, “you will have to work very hard find a bulb which is not LED.” Reducing CO2 emission with addition of more green energy resources high on priorities. Maldives being a beautiful country need to maintain and enhance its beauty as an attractive tourist destination. It is absolutely essential that renewable energy is given centrality in Maldives.
Speaking about large RE capacity addition through open bids and open competition Indian RE sector, Singh said we have not had to invest, adding that the investments have come from across the world. We have a set up, mechanism to resolve issues, removing hurdles in project execution through a group in RE Ministry, payment security, separate body to decide if there are contract disputes. All that has helped. For us environment is an article of faith. Therefore, we are taking steps to reduce our carbon Footprints.
Our target is now to achieve 450GW or 4,50,000 MW RE capacity by 2030. Renewable Energy is a must not only for Island States, but also for the world. This realisation has dawned on everybody that we need to reduce our carbon footprints to preserve the planet. He echoed the sentiments that Island States are more vulnerable to global warming.
While speaking at the event, Minister Hussain Rasheed Hassan (ME), Government of Maldives, emphasised on their need to reduce oil import dependence. He recognised importance of Renewable Energy for his Island country which faces a major threat in terms of adverse climate changes. He also elaborated the investor friendly policies taken to promote RE.
Since 2013, the Government of Maldives has been proactively pursuing renewable energy goals that support strengthening the ecology, as well as the economy. Starting with the Maldives Energy Policy and Strategy 2016 (the “2016 Energy Policy”) that seeks to promote renewable energy in the country and encourage private sector renewable energy development as one of its nine key policies, all the way to the recent National Strategic Action Plan for the Maldives (2019-2023) (SAP), which includes a specific pillar for Clean Energy with renewable energy targets to increase the share of renewable energy by 20 percent by 2023. The opportunity for scaling up renewable energy across the Maldives is immense as it can provide the government budgetary relief by saving millions of dollars each year, that is currently used for diesel imports and subsidy. The signing of the 5 MW PPA under the World Bank Accelerating Sustainable Private Investments in Renewable Energy (ASPIRE) project is a historic moment in the renewable energy history of the Maldives. The project is the first of its kind in scale for the Maldives and achieved a tariff of US$ 10.9 cents. This is one of the lowest tariffs for a Small Island Developing State (SIDS) like the Maldives and helps them gain the pole position in trying to achieve their RE goals. Moving ahead, the World Bank is working closely alongside the Government of Maldives through the upcoming Accelerating Renewable Energy Integration and Sustainable Energy (ARISE) project in achieving their dream for a fossil fuel free future.
