"At the moment, our economy is run on imported oil and every time the oil price rises, we all suffer. The Maldives has an abundance of sunshine, so shifting to solar will improve the country’s energy security," Economic Development Minister Mahmood Razee said in the statement.
The framework suggests that up to 80 percent of the electricity island communities use could be derived from renewable energy, without the cost of energy increasing. The country’s 100 tourist resorts will be offered opportunities to reduce their oil consumption.
The total investment in developing solar power is estimated between 3 billion U.S dollars and 5 billion U.S dollars over the next ten years. The government hopes that these investments will pay for themselves by saving the Maldives government huge sums of money in oil imports. In 2010, the Maldives announced plans to become the world’s first carbon neutral nation by 2020.