The study projects that most of the electricity generation capacity should be wind and solar energy – with 15,000 MW of wind and 16,000 MW of solar capacity – and the rest will be hydro and biomass energy. In order to ensure the stability of the country’s electricity grid, UNDP and ADB also note that it will be crucial to increase electricity storage capacity. Such a shift to renewable sources would allow the country to dramatically decrease its fossil fuel imports and reduce Sri Lanka’s fuel bill by $18 billion cumulatively. $50 billion of investment will be needed for the country to operate its transition to renewable energy.
Sri Lanka is one of 43 members of the Climate Vulnerable Forum who committed to produce 100 per cent of their electricity through renewables by 2050 last year at the Marrakesh COP negotiations.
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