Prasad advocates for sustainable energy transition

February 8, 2024 2:28 pm

[Source: Fiji Government/ Facebook]

Finance Minister, Professor Biman Prasad has strongly voiced out Small Pacific Island nation’s unique challenges surrounding decarbonisation, economic growth, and energy transition during the India Energy Week in Goa.

Prasad stresses that transition can only succeed with adequate financing, strong commitment from government, state actors and private institutions.

The Deputy Prime Minister says in Fiji, around 50 percent of the electricity is currently generated through renewable sources while the other 50 percent is generated from fossil fuels.

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He adds this is a significant import cost and a major drain on Fiji’s foreign exchange every year.

[Source: Fiji Government/ Facebook]

According to Prasad this also indicates vulnerability to global price fluctuations, inflation and cost of production, impact on socio-economic conditions, which has a major bearing for the overall economy.

He says apart from these financial imperatives for energy transition, Fiji is a fierce proponent of decarbonisation and energy transition as we are one of those countries feeling the brunt of climate change.

Prasad says Fiji is a small contributor of carbon dioxide, and the national priority is to move towards 100 percent renewable energy.

He adds there are financial and economic imperatives to do so but Fiji wants to be seen walking the talk on climate action.