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Are Oil Prices About To Bounce Back?

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James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

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The Maldives to Begin $138 Million Renewable Energy Project

The Maldives, perhaps one of the most beautiful, and yet equally most endangered nations on the planet, has announced that it plans to begin development of a $138 million renewable energy project which will provide 26 MW of clean electricity to the archipelago.

Abdul Matheen, the State Minister for Energy, said that they “are making preparations to commence the project during next month. Under the project, ten islands would run solely on renewable energy. In addition, 30 percent of electricity in 30 islands will be converted to renewable energy.”

He added that the project should be completed within five years, and that of the 26MW capacity to be installed, 16 MW will generate energy for the Male region which is home to 30% of the population. In total the project will provide electricity to 50 islands.

The Maldives

The project was developed under the Sustainable Renewable Energy Project (SREP) and will be funded by the World Bank, the Asian Development Bank, and other German and Japanese banks.

Related Article: Why we Need to Implement an Energy Transition - Quickly

The Maldives is one of the island chains that is set to lose everything as a result of global warming. 80% of the 1,200 islands are less than 1.2 metres above sea level, so any rise in seal level could bury the entire nation beneath the waves.

Set to lose all to climate change, the nation has been a firm supporter of renewable energies and clean technologies. They have plans to achieve carbon neutrality by 2020, and will impose a tax on tourism which they hope will raise significant funds to be spent on adaptation technologies, and other mitigating plans. Preparing for a worst case scenario the Maldivian government has already bought a floating island off the coast of Dubai.

By. James Burgess of Oilprice.com



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