PORT VILA, 17th July 2023.Vanuatu has signed its first carbon credit market through an Authorization Statement with the Swiss Government on the 8th of May, 2023.
This first signed authorization statement is for the Electrification of Vanuatu’s Inhabited Islands Through Solar Power Internationally Transferred Mitigation Outcomes (ITMO) program will be implemented by the National Green Energy Fund (NGEF). The program is focused on renewable energy specifically on Solar electrification.
This is to inform the general public and especially petroleum fuel and LPG end users of an impending retail price increases for diesel, petrol and LP Gas.
The Oil & Energy Insider oil reports that oil bulls are back as Brent breaks above $ 80 on 14th July 2023.
The Department of Energy (DoE) through the Ministry of Climate Change (MoCC) is the leading Government agency responsible for the development of energy policies, legislations and regulations to guide the development of energy services in Vanuatu and improve service delivery. Its principal policy, the National Energy Road Map (NERM) 2016-2030 stipulates that by 2030, Vanuatu should move out from conventional energy sources and transition to more renewable and sustainable energy sources. Similarly, Pillar 2 of the People’s Plan ECO 2.1 states that there should be increase in renewable energy sources to reduce the reliance on fossil fuels.
Vanuatu imports over 56 million litres of fuel each year with diesel being the largest volume (63%). Of this volume, 50% is consumed by the transport sector alone. An analysis of Vanuatu’s net CO2 emissions as per Vanuatu’s Bi-annual Update Report of 2021 to the UNFCCC, presents that the Transportation sub-sector is responsible for 52.7% of emissions, Electricity Generation 27.5%, Manufacturing/Construction 15.4% and the remaining other sectors 4.5%. Interestingly, a further sub-sector analysis of the transport sector shows that within this sub-sector, road transport accounts for 78.6% of emissions, Domestic Aviation 9.6% and Domestic Water Borne Navigation 11.7%.
The Fifth Pacific Regional Energy and Transport Ministers’ Meeting (5TH PRETMM) was organized by the Pacific Community (SPC) and hosted by the Government of Vanuatu (GoV) at the Warwick Le Lagoon Resort, Port Vila, Vanuatu from 8-12 May 2023. The theme of the meeting was “Accelerating Decarbonization in the Blue Pacific” and was convened by hybrid means so participants attended in-person or virtually.