Fiji is highly dependant on fossil fuels and is very vulnerable to fluctuation in fuel prices due to its remoteness.
This was highlighted by the Permanent Secretary for Infrastructure and Transport, Paul Bayly while opening the Sustainable Energy Financing Project Knowledge Sharing Workshop.
Bayly says about one third of Fiji’s import is fossil fuels which is about a billion Fijian dollars.
He says this is a huge amount for a small economy like Fiji.
The Permanent Secretary says Fiji aims to achieve 100 percent of renewable energy by 2030 and this will require a huge shift from fossil fuels to renewable energy.
Bayly says Fiji has invested up to $US40 million in the Sustainable Energy Financing Project.
Meanwhile the Senior Energy Specialist of the World Bank, Kamleshwar Khelawan says the Global Environment facility of the World Bank supported the project and this was in operation since 2007 and closes on December 2017.
Khelawan says the project encourages commercial banks to lend money to individuals and businesses for renewable energy and energy efficient investments.
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