The World Bank’s Executive Directors Board has approved USD 107.4 million to fund project in the Maldives.

The Accelerating Renewable Energy Integration and Sustainable Energy initiative revolves around increasing the integration of sustainable energy through investments from private parties. It is also based around the ongoing initiative, Accelerating Sustainable Private Investments in Renewable Energy.

Both initiatives focus on extending support to diminish impacts of climate change and other challenges facing small island states like the Maldives.

Further, the initiative also aims to reduce carbon emissions and eradicate the dependency on fuel as sustainable energy is used to generate electricity.

Country Director of World Bank for Nepal, Sri Lanka and Maldives, Faris Hadad-Zervos revealed that while Accelerating Sustainable Private Investments in Renewable Energy worked to bring investors for sustainable energy, Accelerating Renewable Energy Integration and Sustainable Energy initiative will focus on eradicating challenges facing these investors as well as using the latest technology to generate energy.

The new initiative will serve the purpose to accelerate renewable energy integration and sustainable energy in the greater Malé region as well all across the entire Maldives as well as increasing the use of the generated energy within the electricity network across the island nation.

Throughout these initiatives, a total of 42.5 megawatts of electricity could be generated and greatly encourages the government’s vision to generate 51 megawatts of electricity by the end of the ongoing year.

Further, special privileges will be offered to investors to help them overcome challenges, under the experience of the International Finance Corporation and the Multilateral Investment Guarantee Agency, included in the World Bank Group.

Training programmes will also be held for service providers within relevant institutions, under the initiatives, alongside the trial of new inventions such as “vehicle-to-grid” vehicle charging stations and other facilities.

In addition, measures will also be implemented to encourage the involvement of women in the energy sector, under the packages provided by the initiative. This includes workshops and paving way for more job opportunities for women as well as programmes to bring out the talents of women in outlying atolls.