VP Faisal: New technologies needed to reduce dependency on fossil fuels

Vice President Faisal Naseem has emphasized on the need to adopt new technologies to reduce dependency on fossil fuels.

He made the remark on Tuesday night whilst speaking at the function held to mark the 73rd anniversary of State Electric Company Limited (STELCO).

VP Faisal, noting that electricity had become essential to our daily lives, underscored the instabilities facing international markets in light of the COVID-19 pandemic and the ongoing Russia-Ukraine war.

He praised STELCO for investing in renewable energy sources and adapting to changes in global fuel prices, highlighting on the company’s numerous renewable energy projects. VP Faisal stressed the importance of expanding these efforts.

Additionally, VP Faisal also spoke about the history of electricity services in the country and praised STELCO for carrying out numerous projects through its Corporate Social Responsibility (CSR) program that have positively contributed to society.

Touching upon the administration’s efforts for the sector's development – Vice President Faisal said that the quality of the electricity service provided had been one of the major concerns of the people when the administration took office in 2018, which the administration addressed the concerns through the combined efforts of FENAKA Corporation Limited and STELCO. On this note, he noted that over 100 powerhouses were developed

Electrcity services were first established in the Maldives on December 20, 1949 – with the state-run service evolving and culminating in the formation of STELCO in 1997.