The International Finance Corporation, which is part of the World Bank Group, says the Pacific can benefit hugely from cleaner and more sustainable energy.
Photo: 123RF
It says an estimated 420 megawatts of renewable power generation is to be added in the region in the next decade.
Research released this week by IFC, ahead of the COP26 summit in Glasgow, identifies a path forward on reducing emissions and averting a climate disaster.
"Powering the Pacific, A Guide To Investing In Renewable Electricity Generation In The Pacific," shows the scale of the opportunity.
Currently many in the Pacific lack access to electricity, with less than a quarter connected to a grid.
More than 40 percent of power generation uses expensive, polluting diesel and liquid fuels.
This heavy reliance on imported fuel contributes to crippling electricity prices in Pacific countries.
The IFC says the Pacific offers an unparalleled opportunity for energy challenged economies to rapidly adopt renewables,
There are about 40 renewable energy projects which are either already operating, under construction, or planned for the next decade, adding that estimated 420 mega-watts.