One of the lowest lying countries in the world, Maldives is particularly vulnerable to the effects of climate change due to rising sea levels. In addition, it is entirely dependent on imported oil as the primary source of energy making it exposed to fluctuations and increases in oil prices.
Source: World Bank
Maldive's $30 million SREP investment plan is supporting efforts to create an enabling environment for the growth of a reliable and sustainable energy sector and meet the constitutional obligation of the government in the provision of electricity to every inhabited island.
By diversifying energy supplies with low-carbon technologies like solar PV, Maldives can reduce over-reliance on fossil fuels, improve energy efficiency, and exploit local energy resources. Projects are also engaging the private sector in the development of the energy sector, energy services, and quality assurance mechanisms.
The country is committed to becoming carbon neutral by 2020
|NAME||FUND||FUNDING (USD MILLION)||COFINANCING (USD MILLION)||MDB|
|Accelerating Sustainable Private Investments in Renewable Energy (ASPIRE) Program||FUNDScaling Up Renewable Energy Program in Low Income Countries||COFINANCING (USD MILLION) 11.68||FUNDING (USD MILLION) 58.00||MDBIBRD|
|Preparing Outer Island Sustainable Electricity Development Project / Technical Assistance: Capacity Development of the Maldives Energy Authority||FUNDScaling Up Renewable Energy Program in Low Income Countries||COFINANCING (USD MILLION) 12.00||FUNDING (USD MILLION) 112.00||MDBADB|
|Technical Assistance: Republic of the Maldives Capacity Development of the Maldives Energy Authority||FUNDScaling Up Renewable Energy Program in Low Income Countries||COFINANCING (USD MILLION) 0.40||FUNDING (USD MILLION) 0.44||MDBADB|
The CIF programmatic approach to investment planning and implementation brings strategic value to CIF recipient countries. Working through a transparent, country-led process, the CIF fosters trust and collaboration among government ministries, civil society, indigenous peoples, private sector, and the MDBs that implement CIF funding. Together, they translate Nationally Determined Contributions and other national development and climate strategies into an actionable CIF investment plan. Rather than one-off projects, the plan comprises long-term, sequenced investments that mutually reinforce each other and link to other critical activities, such as policy and regulatory reform and capacity building. Under national government leadership, CIF stakeholders continue to work together to implement the plan, continually assessing progress and sharing lessons learned along the way.