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Pacific Energy Summit : $635m for energy efficiency

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Wednesday, 10 April 2013

Pacific Energy Summit : $635m for energy efficiency

Grant funding of $255 (€155) million and concessional loans of $380 (€290) million will support over 40 of projects, which aim to advance renewable energy across the Pacific. The support will come from donors and the private sector, and was announced at the Pacific Energy Summit, which was co-hosted by the EU and the The New Zealand Governmen in Auckland on March 24-26.
Investors include co-hosts New Zealand and the European Union, Australia, the Asian Development Bank, the European Investment Bank, the Japan International Cooperation Agency, the World Bank Group, and the United Arab Emirates.
Pacific countries presented a total of 79 projects at the Summit, providing donors and the private sector with opportunities to identify projects for partnership and collaboration.
While some projects are sufficiently advanced to enable funding to be confirmed by donors, some will require further work in the weeks ahead.
"Currently, the Pacific region meets around 80 per cent 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," New Zealand Foreign Affairs Minister Murray McCully says."Investment projects featured by Pacific Island countries at the Summit would help many of them increase their power generation from renewable resources to close to 50 per cent of total supply," Mr McCully says.
Mr McCully also announced $65 million of New Zealand funding to assist Pacific Island countries to realise their renewable energy and energy efficiency plans.

Source: Website of the New Zealand Government