Pacific Energy Summit secures funds of $635 for Pacific renewable energy projects

The two-day summit, which was co-hosted by New Zealand and European Union (EU), is aimed at raising funds for clean energy sources with potential donors identifying projects for partnerships.

Of the total amount raised, $255m is towards grant funding, while $380m is towards concessional loans to aid nearly 40 of the proposed 79 projects.

New Zealand Foreign Affairs Minister Murray McCully noted that the clean and efficient modern energy are crucial for sustainable development, economic activity and poverty alleviation.

"Currently, the Pacific region meets around 80 per cent of its electricity generation needs from expensive imported fossil fuels. Yet the region has abundant renewable energy resources, including hydropower, solar, wind, biomass and geothermal," said McCully.

"Investment projects featured by Pacific Island countries at the Summit would help many of them increase their power generation from renewable resources to close to 50 per cent of total supply," McCully added.

The funds raised include $65m from New Zealand to support Pacific Island nations to finance their renewable energy and energy efficiency plans.

The country allotted the funds for its neighbouring regions, including the Cook Islands, Kiribati, Papua New Guinea, Samoa, Tonga and Tuvalu.

The other investors comprise European Union, Australia, the Asian Development Bank, the European Investment Bank, the Japan International Cooperation Agency, the World Bank Group, and the United Arab Emirates.

Also, EU development commissioner Andris Piebalgs added: "Working with our partner countries in the Pacific, the EU is committed to catalyse real change quickly, bringing citizens and business together to provide security, sustainability and prosperity."

The two-day summit, which was co-hosted by New Zealand and European Union (EU), is aimed at raising funds for clean energy sources with potential donors identifying projects for partnerships.

Of the total amount raised, $255m is towards grant funding, while $380m is towards concessional loans to aid nearly 40 of the proposed 79 projects.

New Zealand Foreign Affairs Minister Murray McCully noted that the clean and efficient modern energy are crucial for sustainable development, economic activity and poverty alleviation.

"Currently, the Pacific region meets around 80 per cent of its electricity generation needs from expensive imported fossil fuels. Yet the region has abundant renewable energy resources, including hydropower, solar, wind, biomass and geothermal," said McCully.

"Investment projects featured by Pacific Island countries at the Summit would help many of them increase their power generation from renewable resources to close to 50 per cent of total supply," McCully added.

The funds raised include $65m from New Zealand to support Pacific Island nations to finance their renewable energy and energy efficiency plans.

The country allotted the funds for its neighbouring regions, including the Cook Islands, Kiribati, Papua New Guinea, Samoa, Tonga and Tuvalu.

The other investors comprise European Union, Australia, the Asian Development Bank, the European Investment Bank, the Japan International Cooperation Agency, the World Bank Group, and the United Arab Emirates.

Also, EU development commissioner Andris Piebalgs added: "Working with our partner countries in the Pacific, the EU is committed to catalyse real change quickly, bringing citizens and business together to provide security, sustainability and prosperity."