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Maldives President: massive investment in renewable energy needed to save Maldives

President Mohamed Nasheed of the Maldives has called for massive investment in renewable energy and green technologies to address climate change – and to save countries like the Maldives.

In a statement to government, industry and the world’s public in connection with COP15 in Copenhagen, and the 2010 World Future Energy Summit in Abu Dhabi, President Nasheed warns of the dangers to all countries if the world continues along its current path of ’business as usual’.

President Nasheed, who will speak at the 2010 World Future Energy Summit in January, says: “We need to build the green economy of the future by jettisoning fossil fuels and embracing renewable energy.”

The Maldives President has long been an advocate of renewable energy, recently announcing plans to make the Indian Ocean islands carbon-neutral within a decade.

The Maldives Government aims to eliminate the use of fossil fuels by 2020, with plans for renewable generation of electricity and a new transmission infrastructure, including wind turbines, rooftop solar panels and biomass plants. The move will require significant investment and support from developed nations across the globe.

One of the key measurements of success at COP15 in Copenhagen, would be the agreement of financial commitments from developed countries to the developing world.

According to European Commission, this subsidy would amount to US$150 billion per year up to 2020. But developing economies have requested as much as US$400bn per year to address climate change.

For countries such as the Maldives, access to capital and technology is crucial in order to implement renewable energy strategies.

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Policy, investment and markets  •  World Future Energy Summit