THE UN Development Programme (UNDP) and Asian Development Bank (ADB) just released a joint report called Assessment of Sri Lanka’s Power Sector—100 percent Electricity Generation through Renewable Energy by 2050. “ADB has expressed its continuous support to low-carbon development of Sri Lanka. Recent proposals including a rooftop solar program 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 decentralized clean energy services can be governed.” According to the report, Sri Lanka’s installed electricity generation capacity needs will increase from 3,700 MW to 34,000 MW by 2050.
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.