A brighter future for Maldives powered by renewables : road map for the energy sector 2020–2030

Abstract

The Republic of Maldives comprises 1,192 small islands in the central Indian Ocean, with a population estimated at 533,941 people in 2019. Maldives has been a development success in the recent decades, mostly attributed to the revenues from a flourishing tourism industry that comprises around 25% of the national gross domestic product (GDP). The magnitude of the economic impacts caused by the coronavirus disease (COVID-19) pandemic has exposed the weaknesses of the economic model implemented in Maldives over the recent decades. It will take months or even years to reach the tourism goals of the country. The country’s recovery will largely depend on the rapid transformation and diversification of its economic activities. Reliable and affordable energy supply are needed to address the transformation challenge. Maldives does not have reserves of fossil fuels, but it has abundant renewable energy resources, including solar, wind, and ocean. Investments in renewable energy are an opportunity to lower the costs of electricity production and reduce fuel imports and the burden on government finances. This Road Map establishes the guidelines to transit from a fossil-fuel- based energy sector to a cost-effective, business competitive, affordable, and sustainable renewable energy.