This renewables readiness assessment (RRA) for the Solomon Islands has been developed in collaboration with the Ministry of Mines, Energy and Rural Electrification through the SIDS Lighthouses Initiative. It identifies several drivers to accelerate the deployment of renewables and ramp up energy transition efforts in the country. These include strengthening energy security through increased investment in renewables, enabling policy and regulatory frameworks such as subsidies, tax credits, renewable energy standards to encourage private sector participation, job creation in installation, maintenance and research, strengthening energy independence, garnering community and public support and affordable and stable energy prices.
The assessment also examines existing enabling frameworks for renewable energy deployment, and provides an overview of the renewable energy financing landscape, including international, regional and national financial instruments and programmes to promote renewable energy investments.
The report outlines seven priority strategic areas for development: institutional restructuring of the electricity grid to foster market competition; developing and enforcing renewable energy standards for resilient off-grid renewable energy; creating innovative funding mechanisms; developing markets for electric mobility and innovative solutions for the maritime and aviation sectors; facilitating renewable energy implementation in key sectors such as health, agriculture, food, water, education, tourism, fisheries and forestry; promoting energy efficiency and energy conservation measures; and fostering partnerships and strategic engagements.