The World Bank is aiming to double its efforts towards renewable energy projects in the Pacific over the next two years
The Bank's International Finance Corporation is focused on private sector development and economic growth and has a current portfolio worth 250 million US dollars across the Pacific region.
The IFC says most energy sectors in the Pacific remain dependent on fossil fuels, mainly diesel, and are paying way too much.
With 8 million people in the Pacific still lacking access to electricity, the IFC Asia Pacific vice president, Karin Finkelston, says they want to boost their investment in renewable energy projects in the region to 50 million US dollars by 2015.
"We see real opportunities, especially given the cost that these countries are paying for power today, they are paying more than most other countries in the world. So given that they have the renewable resources at their fingertips, under their feet, above their heads, I think this is something we can really harness at a price that's really viable."