Energy Self-Sufficiency & Renewable Incentives Act

Key Provisions:

1. Establishment of the National Renewable Energy Fund (NREF): Finances solar, wind, and ocean-current energy projects.
2. Tax Incentives: Provides a 10-year tax exemption for companies investing in renewable energy systems within Palau.
3. Energy Transition Targets: Mandates that 75% of Palau’s energy generation come from renewable sources by 2035.
4. Community Micro-Grid Program: Supports solar installations in outer island states to reduce reliance on imported fuel.
5. Energy Efficiency Standards: Requires all new government buildings to meet green construction benchmarks.
6. Monitoring and Reporting: The Ministry of Public Infrastructure and Industries shall submit annual progress reports to the OEK.