To support SIDS in reaching their ambitious climate targets and national energy policies, capacity building, project facilitation, and access to international finance are critical. During a week-long roundtable in Abu Dhabi, SIDS from the AIS region came together to call for an increase in private sector participation as independent power producers and commitments of private capital towards renewable projects in SIDS. The event, organized by IRENA through its SIDS Lighthouses Initiative, established the priority to support enabling frameworks for the increased deployment of renewables and the development of bankable renewable energy projects that will attract more private sector participation in SIDS.
Several SIDS including Cabo Verde, Comoros, Maldives, Mauritius, Sao Tome and Principe, Singapore, and the Seychelles, showcased the status of national energy policies, concrete lessons from project development including success stories and best practices on strengthening private sector engagement. For example, Seychelles announced the negotiation of the first power purchase agreement (PPA) with an independent power producer. This model can be replicated in other SIDS to help remove barriers and simplify the process - as expressed by Ms. Nirkita Seeburn-Sobhun from Mauritius, “We look forward to more knowledge sharing, best practices and lessons learned on the design of bankable PPAs and attracting private investment for renewable projects.”
The roundtable, built on similar dialogues that have been organized in the Pacific region and later this year in the Caribbean, shows the importance of knowledge sharing among SIDS within and across regions in disseminating and replicating successful models responding to SIDS specific needs.
Image: Virtual Expo Dubai
See full SIDS Bulletin 64 here.