FIJI will require about $4billion in investments between 2024 and 2036 to achieve 100 per cent of its renewable energy targets.
This will be the focus of Fiji’s delegation to this year’s COP 29 meeting in Baku, Azerbaijan, with the team looking to secure climate financing for the energy and infrastructure sectors.
Public Works Minister Ro Filipe Tuisawau informed Parliament yesterday that COP was a crucial meeting, given that climate change significantly impacted Pacific Island states.
He said Fiji had a 100 per cent electricity target for all Fijians, and a set target of 81 per cent of renewable energy by 2021.
“So far, only 60 per cent has been achieved, and mostly via hydroelectricity,” Ro Filipe said.
“Fiji has been lagging in its ability to attract, establish and retain independent power producers, and it is critical that we reach out and also secure funding in terms of renewable energy.
“Looking at the long term, Fiji will require $4b in investments between 2024, and 2036 to achieve its 100 per cent renewable energy targets, with cumulative investment cost expected to be $20b by 2050.”
He said they were also conducting a diagnostic study through the International Renewable Energy Agency to move this forward.
Ro Filipe said Fiji’s total imports of fuel was 26 per cent of the total import costs, which amounted to approximately $1.03b.
He said ageing infrastructure was also an issue.
“There is a huge amount of cost in terms of climate, ensuring that our infrastructure is climate resilient.”
