At a Glance
|Start Date||Q1 2016|
Vanuatu’s economy features a low inflation rate and a relatively stable real GDP growth rate (~3% expected through 2017). Despite favorable macroeconomic conditions, approximately half of the population, or one in three households, lives below the international poverty line of $2 per day as the economy struggles to keep up with population growth. Moreover, the country is extremely susceptible to the impacts of natural disasters; in 2015, Cyclone Pam resulted in an estimated USD 450 million in damage and losses, equivalent to 64% of GDP.
Vanuatu is highly dependent on imported fossil fuels to power its economy. Volatility associated with fluctuations in the price of imported fuel has made it difficult for the Government to meet its economic growth objectives. Moreover, with its population distributed over dozens of remote islands, the provision of energy services is both logistically challenging and costly. As a result, energy services are currently available to only a small share of the overall population and at a very high price.
To address these issues, the Government of Vanuatu (“GoV”) launched in 2013 and updated in 2016, the Vanuatu National Energy Roadmap (“NERM”), a strategy which focuses on five priorities: energy access, affordable energy, secure and reliable energy, sustainable energy, and green growth with measurable targets for the 2016 – 2030 period. The final target of NERM is to increase the percentage of electricity generation from renewable sources to 100% by 2030.
Building on 2015-2016 work
This project builds on GGGI’s achievements in 2015-16 by focusing on mobilization of financial resources for the implementation of the NERM’s renewable energy, energy efficiency and rural electrification targets. GGGI built on the study carried out in 2015-16 and the endorsement of the NGEF by the GoV to provide assistance for the operationalization of the NGEF and the creation of an initial pipeline of projects. In particular, the operationalization of the NGEF played a crucial role in increasing electricity access and renewable energy investments to achieve the NERM targets in the long-run by consolidating and disbursing financing to green energy projects through a transparent and systematic process.
- Prepare analysis and recommendations on the legislative and financial arrangements for the National Green Energy Fund (NGEF)
- Develop guidelines on accessing green energy financing for renewable energy or energy efficiency projects
- Develop procedures and documents and deliver training to operationalize the National Green Energy Fund
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