Solomon Islands pursues economic reforms and carbon trading framework

The Solomon Islands is pursuing economic and environmental reforms to drive growth and climate resilience. James Dolarii, CEO of the Solomon Islands Chamber of Commerce and Industry, has called for bold reforms to increase the nation’s economic growth trajectory from 3–4 per cent to 7–8 per cent.

Dolarii identified high electricity costs as a primary barrier to business development. He recommended fast-tracking amendments to the Electricity Act to foster competition and encourage the adoption of renewable energy, specifically solar power. Additionally, he noted that businesses require a coordinated support system to better manage access to finance and commercial opportunities.

Simultaneously, the government is working to establish a framework for participation in carbon markets. Validation workshops were held in Honiara for the Solomon Islands Carbon Trading Policy and proposed institutional governance arrangements. This initiative, supported by the Global Green Growth Institute and funded by New Zealand and Ireland, aims to mobilize climate finance and support sustainable development and national climate action.