Renewable energy can unlock socio-economic benefits

Three reports released yesterday by the International Renewable Energy Agency, IRENA, has confirmed that developing the vast renewable energy resources of Fiji, the Marshall Islands and Vanuatu, would provide substantial socio-economic benefits for their citizens.

Renewables Readiness Assessments for the three island nations find that a combination of solar, wind, geothermal, marine, biomass and biofuel could meet domestic energy needs while decreasing electricity costs, increasing energy access, and boosting energy independence.

"The development of local renewable resources in these island nations would decrease their dependency on fuel imports and reduce risks associated with oil price volatility," said IRENA Director-General, Adnan Z. Amin. "The falling costs of renewable energy offers them an opportunity to rethink their energy strategies, develop policies and build institutions that would create jobs, bring power to those currently without and deliver more reliable electricity services, all while combatting climate change."

Vanuatu has abundant renewable energy resources, including solar, geothermal, wind, biomass and biofuel, but is still dependent on imported fossil fuels. The Marshall Islands is rich in solar and wind potential, but, like Vanuatu, depends heavily on fossil fuel imports. Fiji also depends heavily on imported petroleum-based fuels, which affects energy security and energy prices. As the costs of renewable energy technologies decline, Fiji is making more use of its renewable energy resources including hydropower, biomass, solar, geothermal and wind energy.

"Renewable energy is no longer just the best choice socially and environmentally, it is also the best choice economically for many countries in many parts of the world," said Mr. Amin. "It has never been cheaper for small island states to reduce electricity costs, increase energy independence and improve energy access through the deployment of renewable energy."

Renewables Readiness Assessments, RRAs, offer a holistic evaluation of conditions for renewable energy deployment in a country and outline the actions necessary to further improve these conditions. Since 2011, more than 20 countries in Africa, the Middle East, Latin America, the Caribbean, Asia and the Pacific Islands have undertaken the RRA process with IRENA to accelerate the domestic deployment of renewable technologies.
Source: WAM