We are pleased to announce our participation in a collective group of companies dedicated to reducing the use of fossil fuels on islands worldwide. Our group will collaborate with three governments, with an initial project scope of 5 GW of solar power and 3 GW of wind power.
We will disclose more about the project shortly. Immediate information will be available for selected partner or investor groups.
Why do we contribute to this initiative?
The use of fossil fuels on islands presents several issues related to cost, environmental impact, and future-proofing:
1. High Costs– Fuel Importation: Islands often rely on imported fossil fuels, leading to high transportation costs due to their remote locations. This significantly increases energy prices.- Price Volatility: Fossil fuel prices are subject to global market fluctuations, creating financial instability for island economies that depend on them.- Infrastructure Costs: Fossil fuel-based power plants and related infrastructure require constant maintenance and upgrades, which can be costly for small island grids.
2. Environmental Impact– Carbon Emissions: Fossil fuels contribute to high greenhouse gas emissions, exacerbating climate change. Islands are particularly vulnerable to rising sea levels and extreme weather events caused by global warming.- Local Pollution: Burning fossil fuels leads to air pollution, which can negatively impact public health and the local ecosystem, including vital marine life and biodiversity.- Resource Depletion: Continued reliance on non-renewable resources is unsustainable in the long term and leads to resource depletion.
3. Lack of Future-Proofing– Renewable Energy Transition: As the world shifts towards renewable energy, islands dependent on fossil fuels risk being left behind, facing energy insecurity if they do not diversify their energy sources.- Regulatory and Investor Pressure: Global regulations and investor preferences are moving towards cleaner energy, putting pressure on islands to adapt or face financial penalties, reduced investment, and trade barriers.
Energy Independence: Fossil fuels create dependence on foreign energy supplies. Transitioning to renewables (e.g., solar, wind, tidal) offers islands more energy independence and long-term sustainability.
Shifting to renewable energy sources can help islands reduce costs, improve energy security, and protect the environment for future generations.
More information can be shared after NDA. Curious? Please contact hb@grn-energy.com
