17 January 2024 03:00 am
- Says SL’s renewable energy sector has the potential to yield substantial benefits for both stakeholders and consumers
- Assures investors can expect a high degree of policy continuity
- “This is the best time to invest in Sri Lanka’s renewable energy journey” - Ranil tells Davos
Sri Lanka’s renewable energy sector came under international spotlight this week with President Ranil Wickremesinghe calling on investors to take part in the island nation’s sustainability agenda.
Wickremesinghe assured potential investors while addressing the ‘Green Technology Forum’ in Davos, Switzerland, that Sri Lanka’s renewable energy sector has the potential to yield substantial benefits for both stakeholders and consumers in the coming decades.
“It is clear that Sri Lanka’s renewable energy policy direction is underpinned by multiple motivations and drivers.
Therefore investors can expect a high degree of policy continuity in this sector going forward as well.
“This is the best time to invest in Sri Lanka’s renewable energy journey, and I have no doubt such investments will generate significant value for shareholders and Sri Lanka’s consumers over the next several decades,” said Wickremesinghe speaking at the event coordinated by the Swiss-Asian Chamber of Commerce. While noting there is also tremendous potential for the development of green hydrogen in Sri Lanka, the President gave a comprehensive snapshot of the major reforms implemented in the energy sector in the last two years.
Wickremesinghe also pointed out that wind power is a major opportunity for Sri Lanka, and drew reference to a recent World Bank report which indicated that off-shore wind power in particular has the potential to generate power far greater than Sri Lanka’s requirements.
“Considering this, Sri Lanka and India are in advanced stages of talks regarding grid interconnection to enable Sri Lanka to export surplus electricity, particularly to the fast-growing industrial belt in the Southern part of India. There is also tremendous potential for the development of green hydrogen in Sri Lanka,” he shared.
Sri Lanka has ambitious plans to fulfill its sustainable, green development agenda. By 2050 the country has committed to achieving net zero carbon emission. The accelerated renewable energy plan is a key component of this overall effort and is also an essential step on the path toward energy security, said Wickremesinghe.