We have to solve the energy problem to achieve progress: President Waheed

President Dr. Mohamed Waheed Hassan Manik has said that the current cost of energy production for the Maldives is too high and that an alternative is required in order to ensure the nation’s progress.

President made his statements at the inauguration of the “Investors’ conference on renewable energy in the Maldives” organized by the Ministry of Environment and Energy, held in Bandos Island Resort and Spa today.

President Waheed said that the nation’s development is now at a crossroads and that a solution of efficient energy is needed for the Maldives to progress.

He noted that the government is trying to reduce fuel costs and fossil fuel emissions and that the purpose of establishing a special government ministry dedicated to energy and environment was to prioritize these sectors.

The President noted that the energy (electricity) prices in the country are currently higher than the general public can afford and that great anxiety follows when ever there is a change in fuel prices.

He said that the State currently spends MVR 12 million on electricity subsidies and stressed that this issue of high cost of energy needs to be prioritized and urgently addressed.

The two-day conference on renewable energy is participated by representatives from the United Nations, World Bank, Asian Development Bank and a number local and international companies.

The conference aims to seek parties to invest in renewable energy in the Maldives. Minister of Environment and Energy Dr. Mariyam Shakeela said that the conference would also facilitate aid to the country, in terms of renewable energy.