The governing board of the Climate Investment Funds has given the green light to the Fiji Renewable Energy Investment Plan, a groundbreaking initiative aimed at transforming Fiji’s energy systems.

The plan will facilitate the integration of more clean power into Fiji’s electricity grid.

Under this first-of-its-kind effort, the CIF will allocate US$30.51 million in highly concessional capital to enhance the climate resilience of Fiji’s transmission network.

The plan also seeks to scale clean energy transmission solutions, boost energy system flexibility, and support various endeavours to make renewable energy integration more flexible, cost-effective, and resilient.

Deputy Prime Minister and Minister for Finance Biman Prasad expressed gratitude to Fiji’s Multi-Development Partners, the Asian Development Bank, the World Bank, and the International Finance Corporation for their support in preparing the Renewable Energy Integration Investment Plan.

The Climate Investment Funds – Renewable Energy Investments program aims to mobilize additional investments from governments, financial institutions, and the private sector.

It actively supports the achievement of Sustainable Development Goals and will blend concessional resources with those from multilateral development bank partners and private investment.

Prasad emphasized Fiji’s vulnerability to climate-related disasters and the damage they cause to infrastructure and livelihoods.

Head of Strategic Planning Office within the Ministry of Finance Kamal Goundar, presented the REI plan to the GCAP Sub-Committee.