Climate and energy · at 8 min · 7 mentions in this passage
Dominica has begun the transition from imported fossil fuels to renewable energy. Our geothermal power plant is now in commercial operation and increasing the renewable share of our electricity generation to approximately 84%. We are well on our way to achieving 100% renewable energy by 2030. This is more than an energy project. It is economic transformation. It demonstrates that small states can lead in the transition to clean energy. Every barrel of oil that we no longer need to import strengthens our resilience to international price shocks. Every unit of clean electricity we produce strengthens our energy security. Affordable, reliable, renewable energy can become a foundation for new industries, new investment, new employment, and greater competitiveness. The lesson is important beyond Dominica. We need international finance that recognizes the transformative nature of renewable energy investment in vulnerable countries. We need financing mechanisms that allow countries such as Dominica to move faster and we need partnerships that allow the energy transition to become an engine of economic development and growth. Our ambition is not merely to generate clean electricity. Our ambition is to use clean energy to transform our economy. Mr. president, the international community has become very good at recognizing vulnerability. We have become less successful at financing the transformation that vulnerability requires.
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