The United Nations Development Programme (UNDP) and the Asian Development Bank (ADB) have released a report forecasting a 100 per cent green energy future for Sri Lanka.
Fully green by 2050, the financial analysts also predict that the country’s installed electricity generation capacity will increase from around 3.7 GW to 34 GW over the period.
Of this, 15 GW is expected to be wind energy and about 16 GW would come from solar, with hydro and biomass plants providing extra capacity to help balance the grid.
The researchers expect the transition from fossil fuels to clean power sources will reduce Sri Lanka’s fuel import bill by a total of $18bn and have a range of other financial benefits.
However, the final investment is expected to total around $50bn.
The nation adopted the ambitious voluntary goal at the UN Climate Change Conference in Marrakesh a year after signing the Paris Agreement, along with 42 other countries.
Priyantha Wijayatunga, Director of ADB’s South Asia Energy Division, said is institution would continue to be instrumental in helping Sri Lanka towards a low carbon future.
“Recent proposals including a rooftop solar programme 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 decentralised clean energy services can be governed.”