Despite negligible carbon footprints, island states have set some of the most ambitious renewable energy targets in their national policies and climate goals. By adopting renewable energy, Pacific Islands can reduce their fossil fuel dependence, cut energy costs, create local employment and increase their climate resilience.
IRENA calculations estimate that the Pacific SIDS will need to install an additional 1.8 GW to meet NDC targets. To achieve these goals, investments will amount to approximately USD 5.9 billion.
Through the SIDS Lighthouses Initiative (LHI), IRENA supports Small Island Developing States (SIDS) in their energy transition through policy, regulatory and technical advisory services, in addition to knowledge sharing, capacity building, funding for early-stage transactions and project finance. For the 15 Pacific Islands that are SIDS LHI partners, the total installed capacity in the power sector amounts to approximately 750 MW, including 488 MW of hydropower, 85 MW of solar photovoltaic, 75 MW of bioenergy, 50 MW of geothermal energy and wind power respectively.
The Pacific Islands Investment Forum aims to scale up renewable energy investments in the region, support project development and implementation, and contribute to the creation of policy and regulatory frameworks conducive to renewable energy investments.
The regional forum is part of IRENA’s contribution to the Climate Investment Platform (CIP), which aims to advance sustainable energy projects to investment maturity and facilitate their access to finance.
Key forum activities include matchmaking between projects, project developers, and potential financiers and investors. Renewable energy projects, along with renewable-based electricity grid and energy efficiency projects, may be considered for support.
Submit a Request to obtain support for project development and/or access to finance for a renewable energy project in Pacific Islands.
Once registered, you will receive updates on the next Investment Forum in Pacific Islands, other CIP events and related activities in your cluster.