News Desk
In a decisive move towards advancing sustainable energy initiatives, Thoriq Ibrahim, the Minister of Climate Change, Environment, and Energy, has formalized a groundbreaking agreement with China National Heavy Machinery Corporation and the Sinosoar Consortium. This strategic partnership aims to implement renewable energy systems across 30 islands in the Kaafu, Alif Alif, Alif Dhaal, and Vaavu Atolls.
The collaboration is a pivotal aspect of the Preparing Outer Islands for Sustainable Energy Development (POISED) project, a venture generously backed by the Asian Development Bank (ADB).
In an exclusive conversation with TruthMV, Minister Thoriq Ibrahim expressed his excitement about this transformative collaboration. “This contract is instrumental in realizing the ambitious vision set by His Excellency President Dr. Muhammed Muizzu, targeting a commendable 33 percent of electricity generation from renewable sources within the next five years,” he stated.
The POISED project aligns strategically with the Maldives’ commitment to meeting its Nationally Determined Contributions (NDC) targets, specifically aiming to diminish the nation’s reliance on fossil fuels. Minister Thoriq highlighted the consequential benefit of bolstering energy security for power generation, further noting the redirection of funds, currently allocated for fuel imports, towards critical socio-economic development.
The collaboration with China National Heavy Machinery Corporation and the Sinosoar Consortium leverages technological expertise and resources crucial for the successful implementation of renewable energy systems across the designated atolls. Beyond addressing immediate energy needs, the comprehensive approach seeks to fortify the Maldives’ resilience against the escalating challenges posed by climate change.
As the Maldives embarks on this transformative journey towards renewable energy, stakeholders anticipate not only a cleaner and more sustainable energy landscape but also the realization of tangible socio-economic benefits envisioned by President Dr. Muhammed Muizzu. The signing of this agreement marks a crucial milestone in the Maldives’ commitment to a greener and more resilient future.
It’s worth noting that ADB has been a steadfast supporter of the Maldives since 1978, with cumulative loan and grant disbursements amounting to $402.29 million. ADB’s commitment to supporting the Maldives, especially in challenging times, underscores its dedication to fostering sustainable development in the region.
Maldives, having achieved universal access to electricity in 2008, faces challenges related to the high costs of power generation, particularly on smaller inhabited islands. The annual subsidies to the electricity sector, totaling Rf1 billion ($65 million at the end of 2019), underscore the pressing need for transitioning to more cost-effective and sustainable energy solutions.
