Sri Lanka intensifies drive to meet 70% renewable energy target

Sri Lanka needs to accelerate renewable energy development and transmission infrastructure expansion to achieve the target of generating 70 per cent of electricity from renewable sources by 2030, Sri Lanka Sustainable Energy Authority Chairperson Professor T M W Bandara stated on Monday.

Sri Lanka possesses ample renewable energy resources in hydropower, wind power, and solar power, Bandara stated at a consultation session on the Interim Report of the Long Term Power System Development Plan at the BMICH.

Bandara added that the country previously delayed adopting certain technologies, but must now move fast to tap renewable energy resources to meet the 2030 target.

Generated energy should integrate into the national grid while driving other sectors, including transport and cooking, as a transition towards renewable energy development and transmission expansion forming key components of long-term electricity plans.

Renewable energy development in Sri Lanka progressed from early mini-hydro initiatives to larger-scale projects supported by national grid expansion and institutional frameworks, achieving 63.2 per cent renewable electricity capacity by 2024, according to the Export Development Board.

Progress provides a foundation for the target of generating 70 per cent of electricity from renewable sources by 2030, while setting a longer-term vision of achieving 100 per cent renewable power by 2050 to guide interim plans, stated the Public Utilities Commission of Sri Lanka in accordance with the authority.

Expanding access to off-grid solar energy presents a significant financing challenge, requiring an additional 6.6 billion to 11 billion US dollars in financing according to the Asian Development Bank.

The Government makes maximum efforts under the long-term generation plan to develop transmission lines needed to tap and utilise these abundant resources, Bandara added.