SL must focus on 3 key areas if serious about achieving renewable energy targets

Sri Lanka is strategically positioned and has the capacity to meet its ambitious renewable energy targets by 2050; however, the island nation needs to step up efforts in three key areas, if it is serious about turning its goals into a reality, Norwegian Ambassador Trine Jøranli Eskedal said.

The three key areas Sri Lanka must take into account to move towards the 70 percent renewable energy target are to create an appropriate policy environment, to develop innovative financial models and to develop new practices to attract more investment into the sector, specially from the private sector.

The ambassador also noted that there is also a need to create more space and opportunities for research, piloting of new inventions and most importantly – consultation and collaboration between all stakeholders.

It’s essential that the government, academia and private sector work together to achieve this goal, she noted.
“Considering the demography, economy and current energy uses, Sri Lanka too is uniquely positioned to spearhead cutting-edge research and invest in renewable energy – moving towards a zero-carbon future.

“However, what is first required is an urgent paradigm shift that builds on developments globally, international experiences and private sector engagement. The current crisis, I believe, needs a green solution,” said Eskedal while addressing a forum that focused on identifying the opportunities available in meeting the energy demand in Sri Lanka.

As many countries across the world will be looking at shifting their societies onto a greener and safer path, the ambassador stressed that Sri Lanka should not be left behind.

Eskedal noted that rather than continuing to depend on sourcing fossil fuels from other countries, which is costly and also harmful to the environment, the switch to renewables such as wind power, solar and hydrogen in the medium to long term will immensely benefit the island nation.

A progressive step in that direction will make a significant contribution to lowering living costs for lower-income people, while addressing the negative impact of long-term use of fossil fuels on the environment, acknowledged the ambassador.