Sri Lanka (Commonwealth Union)_ President Ranil Wickremesinghe has brought Sri Lanka’s promising renewable energy sector into the international spotlight, urging investors to participate in the country’s sustainability agenda.
Speaking at the ‘Green Technology Forum’ in Davos, Switzerland, Wickremesinghe emphasized the sector’s potential to yield substantial benefits for stakeholders and consumers in the coming years. He assured potential investors of a high degree of policy continuity in Sri Lanka’s renewable energy direction, stating that the current time presents the best opportunity for investment in this journey.
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During the event organized by the Swiss-Asian Chamber of Commerce, Wickremesinghe highlighted the multifaceted motivations and drivers underpinning Sri Lanka’s renewable energy policy. He expressed confidence that investments in the country’s renewable energy sector would generate significant value for shareholders and consumers over the next several decades. Additionally, he pointed out the tremendous potential for the development of green hydrogen in Sri Lanka.
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The president stated, “It is clear that Sri Lanka’s renewable energy policy direction is underpinned by multiple motivations and drivers. 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”.
Further, Wickremesinghe provided a comprehensive overview of major reforms implemented in Sri Lanka’s energy sector over the past two years. He underscored wind power as a significant opportunity for the country, referring to a World Bank report suggesting that offshore wind power, in particular, has immense potential to far exceed Sri Lanka’s power requirements. The President also disclosed that Sri Lanka and India are in final discussion about the grid interconnection, enabling Sri Lanka to export additional electricity, especially to the rapidly growing industrial belt in Southern India.
Highlighting the country’s ambitious plans for sustainable, green development, Wickremesinghe revealed Sri Lanka’s commitment to achieving net-zero carbon emissions by 2050. The accelerated renewable energy plan stands as a crucial component of this overarching effort, serving as a vital step toward ensuring energy security for the nation.
