The International Renewable Energy Agency and the Alliance of Small Island States held the inaugural ministerial meeting of the Initiative for Renewable Island Energy, hosted by the Maldives.
The Initiative will facilitate AOSIS political coordination and outreach to development partners, in order to mobilize the resources needed to achieve rapid renewable energy transformation in SIDS.
The Initiative will set an initial goal to mobilize US$1 million by 2020 in grant and concessionary financing to fund project implementation.
13 October 2017: Participants to the inaugural ministerial meeting of the Initiative for Renewable Island Energy (IRIE) discussed measures to facilitate the transition to renewable energy among AOSIS member states.
Founded by the International Renewable Energy Agency (IRENA) and the Alliance of Small Island States (AOSIS), IRIE will support small island developing states (SIDS) in implementing renewable energy and energy efficiency aspects of their Nationally Determined Contributions (NDCs). The Initiative’s objective is to enhance both political coordination among AOSIS members and outreach to development partners, to mobilize the financial, technological, and capacity-building resources needed by SIDS to achieve rapid renewable energy adoption. IRIE will set an initial goal to mobilize US$1 million by 2020 in grant and concessionary financing for project implementation.
SIDS face unique barriers in their transition to renewable energy, including size, geography and limited capacity. IRIE is intended to assist SIDS in overcoming these barriers by enhancing collaboration and knowledge-sharing among SIDS, development partners and private sector stakeholders. The objective is to improve economies of scale, reduce transaction costs, and attract donors and investors. IRIE will also amplify the successes of SIDS initiatives, such as IRENA’s Lighthouses project, which is mobilizing US$500 million to deploy renewable energy projects in SIDS. To date, SIDS have installed 2 GW of renewable energy capacity. The SIDS’ NDCs call for the deployment of a combined 6 GW of additional capacity.
Attended by ministers and senior officials from thirty countries and organizations , the meeting was held 10-11 October 2017, hosted by the Maldives, the current AOSIS chair, and funded by Italy and the European Union. The meeting also served as preparatory event for the upcoming Bonn Climate Change Conference, where SIDS will play a leadership role under Fiji’s presidency. [AOSIS Press Release][IRENA Press Release]