The World Bank has announced that 45,000 people in the Pacific island nation of Vanuatu are set to get access to renewable energy.
In an announcement on Wednesday, the World Bank said its board of executive directors had approved $4 million for the Vanuatu Rural Electrification Project II, or VREP II, which will be co-funded by the Scaling Up Renewable Energy Program and the government of New Zealand.
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The renewables sector is entering an exciting new phase. Rapidly evolving technology, economies of scale and regulations and changing attitudes among policy makers means that, despite reductions in subsidies, renewables are winning market share from fossil fuels around the world.
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The pursuit of high penetration of renewable energy in the Pacific involves good planning and skilled navigation to stay safe and on course, and holds the promise of rich rewards.