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Global consortium pledges US$532 million to Pacific renewables

27 March 2013
Global consortium pledges US$532 million to Pacific renewables

MELBOURNE: At the close of the Pacific Energy Summit in Auckland, New Zealand yesterday, a consortium of countries and international banking institutions announced that a funding package of US$532 million has been secured to fund renewable energy projects across the Pacific.

Pacific countries presented 79 projects at the Summit, providing donors and the private sector with opportunities to identify projects for partnership and collaboration. Partners and donors have responded by committing US$214 million in grant funding and US$318 million in concessional loans to support over 40 of the proposed projects, according to a statement by New Zealand government, which co-hosted the summit.

While some projects are sufficiently advanced to enable funding to be confirmed by donors, some will require further work in the weeks ahead, the statement said.

Investors include Australia, New Zealand, the European Union, the Asian Development Bank, the European Investment Bank, the Japan International Co-operation Agency, the World Bank Group, and the United Arab Emirates.

"Clean and efficient modern energy services are the cornerstone of sustainable development, economic activity and poverty reduction. Currently, the Pacific region meets around 80% of its electricity generation needs from expensive imported fossil fuels. Yet the region has abundant renewable energy resources, including hydropower, solar, wind, biomass and geothermal," said New Zealand Foreign Affairs Minister Murray McCully.

The Pacific Energy Summit is a joint initiative designed to enable Pacific countries and territories to work with development partners towards goals of implementing energy efficiency and renewable energy initiatives.

Story originally published on CleanBiz.Asia

Image by IHA Central Office

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