At the World Utilities Congress 2024, His Excellency Cornelius Walegerea, Ambassador of the Solomon Islands to the United Arab Emirates, emphasized the urgent need for special financing conditions for renewable energy projects in Small Island Developing States (SIDS).
Speaking at the event held at the Abu Dhabi National Exhibitions Centre (ADNEC), Ambassador Walegerea participated in a distinguished panel discussing the vital role of Public-Private Partnerships (PPP) in fostering renewable energy initiatives in SIDS.
Ambassador Walegerea highlighted the pressing energy challenges faced by the Solomon Islands, where electricity costs are the highest in the region at $0.80 USD per kilowatt.
He stated, βSupport from development partners and the private sector through Public-Private Partnerships is crucial for reducing energy costs and minimizing greenhouse gas emissions.β
While acknowledging the positive impact of development partners on the Tina River Hydropower Project as a model for effective PPPs, Ambassador Walegerea raised concerns about the high interest rates associated with concessional loans.
He remarked, βDespite significant support for the Tina River Hydropower Project, the repayment of these loans, coupled with interest, remains a significant challenge for the Solomon Islands.β
He stressed the need for special considerations for SIDS and Least Developed Countries (LDCs) to prevent financing conditions from becoming a burden that ultimately increases electricity costs.
Ambassador Walegerea also urged a review of global environmental and social safeguard standards applied to renewable energy projects in SIDS.
He called for these criteria to be contextualized based on the specific capacities and capabilities of each SIDS, enabling easier implementation of renewable energy projects.
The World Utilities Congress serves as a premier global platform where energy leaders, policymakers, innovators, and professionals gather to share best practices and explore sustainable, secure, and affordable energy solutions for all.
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