Fiji’s participation in COP 29 is essential as the nation seeks $4 billion in investments to meet its goal of achieving 100 percent renewable energy. Leader of Government in Parliament, Ro Filipe Tuisawau, emphasized the importance of this participation while proposing an amendment to the Parliament calendar for November and December, as many MPs are set to engage in the global climate discussions.
He pointed out that while there was a target of 81 percent renewable energy by 2021, only 60 percent has been accomplished to date, largely through hydroelectric power. Tuisawau noted that Fiji is struggling to attract and retain Independent Power Producers, which is crucial for securing funding for renewable energy initiatives.
Looking ahead, he outlined that the country needs $4 billion in investments from 2024 to 2036 to reach its renewable energy goals, with total cumulative investments projected to reach $20 billion by 2050. To facilitate this progress, Fiji is currently conducting a diagnostic study with the International Renewable Energy Agency (IRENA). Additionally, he highlighted that the total cost of fuel imports comprises 26 percent of the country’s total import expenses, amounting to approximately $1.03 billion.