Fiji’s participation in COP 29 is vital as the nation aims to secure $4 billion in investments to meet its objective of 100 percent renewable energy. Ro Filipe Tuisawau, Leader of Government in Parliament, highlighted the urgency of this goal during discussions about amending the Parliament’s calendar for November and December to accommodate MPs attending the climate talks.
Fiji has set an interim target of achieving 81 percent renewable energy by 2021 but has only reached 60 percent thus far, predominantly through hydroelectric power. Tuisawau pointed out that the country has struggled to attract and retain Independent Power Producers, making it crucial to seek funding for renewable energy initiatives.
Looking ahead, Fiji is expected to require $4 billion in investments from 2024 to 2036 to fully realize its renewable energy ambitions, with a total investment forecast of $20 billion needed by 2050. The government is currently conducting a diagnostic study with the International Renewable Energy Agency (IRENA) to advance these efforts. Additionally, he noted that fuel imports account for 26 percent of the total import costs, equating to approximately $1.03 billion.