Lowering electricity costs is one of Prime Minister Hon. Matthew Wale’s key priorities under the GREAT Coalition Government’s agenda, recognising the impact of high energy costs on households and businesses which is hindering economic growth.
Foreign Minister Hou informed Mr Jaramiulo that the Pacific Island countries need to work together to try to reduce costs of transport, freight and insurance of fuel from the refinery in Singapore in addition to efforts to reduce prices at country level.
The Ministers also highlighted the government’s wish to expand the renewable energy footprint in the country with a mix of solar and hydro power.
The meeting also discussed Solomon Islands’ interest in developing its own fuel storage facility that could also potentially cater as a regional fuel storage facility.
The Bank indicated its willingness to undertake some analytical assessment work on this concept.
Mr. Jaramillo welcomed the initiatives and outlined potential World Bank support through short-term to medium and long-term support, fuel storage investment and renewable energy development.
The World Bank also reaffirmed its commitment to continue supporting the Tina River Hydropower Project, which is expected to play an important role in providing reliable baseload power and reducing reliance on imported fuel.
They have also been working with the government to advocate for the US$35 million financing from the Green Climate Fund.
Both sides agreed to continue working together on practical measures to reduce electricity costs, strengthen energy security and support Solomon Islands’ long-term economic development.
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OPMC statement
