Sri Lanka can meet its current and future electricity demand by judicial use of renewable energy by 2050, according to a joint study by the UN Development Programme (UNDP) and Asian Development Bank (ADB).
The report, titled Assessment of Sri Lanka’s Power Sector—100 percent Electricity Generation through Renewable Energy by 2050, notes that by 2050, the country’s installed electricity generation capacity needs will increase from the current 3,700 megawatts (MW) to about
Of this, 15,000 MW will be wind energy and about 16,000 MW will be solar energy. Balance capacity is expected to be met by hydro and biomass based power plants.
Further to addition of renewable electricity generating sources, the study has identified need to introduce electricity storage solution which should provide instantaneous power of 3,600 MW and energy storage capacity of 15,000 MWh. This will ensure stability of the electricity grid.
The assessment indicates that the substitution of imported fossil fuel with renewable energy till the year 2050 provides direct monetary benefits and will reduce Sri Lanka’s fuel import bill by about US $18 billion cumulatively.
The report also identifies the need for structural changes in the retail tariffs of Sri Lanka to warrant financial sustainability of its operations.
The report estimates that in order to transition to 100 percent electricity generation by renewable energy, Sri Lanka will need investment of US $50 billion. Further, it emphasizes the need to develop the ancillary services market in light of these changes in the generation system.
One year on from the Paris Agreement of December 2015, 43 members of the Climate Vulnerable Forum, including Sri Lanka, adopted at the UN Climate Change Conference in Marrakesh highly ambitious voluntary goals to produce 100 percent of their electricity through renewables by 2050.
“ADB has expressed its continuous support to low-carbon development of Sri Lanka,” said Priyantha Wijayatunga, Director, South Asia Energy Division. “Recent proposals including a rooftop solar program and a large-scale wind power project demonstrate ADB’s commitment in this regard. This assessment report can serve as a comprehensive example for future utilities globally on how decentralized clean energy services can be governed.”
Echoing similar sentiments, Alexandra Soezer, Climate Change Technical Advisor of UNDP noted, “UNDP continues to be a pioneering ‘development’ institute. Knowledge products like these are giving valuable inputs to attaining Sustainable Development Goal 7 on ‘Affordable and Clean Energy’. We will continue to expand our activities in this field and pave the way for a better tomorrow.”